The Black Economic Development Agenda: LISC LA’s Initiative to Empower Black Communities in Los Angeles
Local Initiatives Support Corporation Los Angeles (LISC LA) has launched their 2021 initiative: the Black Economic Development Agenda (BEDA), the non-profit’s initiative to focus its resources and programs in 2021 on closing the racial wealth gap and empowering Black communities across Los Angeles County. LISC LA’s Black Economic Development Agenda includes various new programs aimed at strengthening Black-owned businesses through economic relief and business development, and empowering Black Angelenos through criminal reform and leadership development. The full list of programs can be found at www.lisc.org/los-angeles/BEDA.
In the next year, LISC LA will amplify capital access for diverse business owners by driving equity, deploying flexible grants, and extending at least $2 million in economic development loans for entities led by people of color. One new program slated to elevate Black business owners amid the COVID-19 pandemic is the Black Business Excellence Technical Assistance (BBET) Initiative: an intensive accelerator program to uplift Black-owned small businesses in the personal care sector.
“It is more important than ever to center Black Angelenos and focus on closing the racial wealth gap through economic empowerment, which is what we hope to provide through this year’s programs,” said LISC LA executive director Tunua Thrash-Ntuk.
LISC LA’s first BEDA program will begin with ASCEND LA, a business development program that provides diverse small businesses with access to the executive management education, capital, and market opportunities needed to stimulate business growth and job creation. In 2020, 60% of ASCEND LA graduates were African American and 60% of the inaugural cohort have gone on to hire new employees or contractors to support their growth. Following the success of its pilot program, LISC LA will begin accepting applications for the 2021 cohort starting Tuesday, February 16, 2021. The application can be accessed at www.ascendla.org/apply.
“ASCEND LA not only challenged me to push myself but also changed my paradigm in how I run my business and set up my infrastructure to be prepared and have the capacity to compete for these multi-million dollar contracts,” said Desiree Saddler of Saddler Consulting Group, a 2020 ASCEND LA graduate. “Even in the year of the pandemic, I now am prepared and have the capacity to compete and deliver and I have even secured a 3-year contract during the program!”
LISC LA will also be hosting discussions on its Changemakers LA podcast throughout the year around racial health, wealth and opportunity gaps that disproportionately impact BIPOC communities, how COVID-19 has highlighted the disparities in crisis support for communities of color, and what LISC LA and BEDA partners are doing to support these underserved communities.