16 Community-Based Organizations and the City of New York’s Department of Small Business Services (SBS) partner with LISC NYC to support small businesses in underserved communities impacted by COVID-19
NEW YORK, NY – LISC NYC today announced the launch of the LISC NYC Small Business Relief & Recovery Fund. The Fund will provide direct grants of $10,000 to New York City minority-owned small businesses that face challenges to their survival in the face of the COVID-19 pandemic. The goal of the Fund is to help particularly vulnerable small businesses weather the immediate impact of the pandemic and to support their likelihood of long-term success. Eligible businesses are encouraged to apply for funding. Businesses applying for funds must be located in New York City; owned by a minority; have 20 or fewer employees; and have an annual revenue of less than $500,000. Priority is being given to small businesses located in designated low- to moderate-income neighborhoods. Grantees can use funds to meet expenses such as payroll, rent, overhead, marketing, upgrades to technology and infrastructure, employee training, and related costs.
For more information on LISC NYC and this new funding opportunity, visit lisc.org/nyc. Businesses interested in applying for a grant can access information in English and Spanish.
As part of its commitment to promoting economic diversity and resilience across New York City’s five boroughs, LISC NYC is working with local partners to deliver these grants, as well as technical assistance, to hard-hit small businesses. LISC NYC has partnered with 16 community-based organizations who will conduct outreach to small businesses, assess their eligibility, and help them prepare and submit applications for funding. These organizations will also connect small businesses to additional technical assistance and training to help them sustain their operations and ensure their long-term viability. Partner organizations include:
Through a partnership between LISC NYC and the NYC Department of Small Business Services (SBS), businesses who receive grant funding will be referred by community-based organizations to a local NYC Business Solutions Center for additional, free business support. Grantees will receive guidance related to business sustainability, including advice on compliance with new regulations and information about how to access legal assistance, additional financial resources, and training and mentorship opportunities.
“Business owners in underserved communities in New York City have largely been left behind by federal COVID-19 aid programs. These same businesses have served our neighborhoods and communities for years without the benefit of safety nets and strong ties to banks. LISC NYC – together with its partners and funders – are committed to ensuring that, in this moment of crisis for these small businesses, we not only provide short-term relief but also support pathways for business continuity over the long haul,” said LISC NYC Executive Director Valerie D. White.
“Small businesses are the backbone of NYC’s economy and contribute to the growth and vibrancy of the City,” said Jonnel Doris, Commissioner of the NYC Department of Small Business Services. “COVID-19 has impacted Black and Brown communities at alarming rates, and we are making sure resources are distributed fairly and equitably through this partnership by providing entrepreneurs with immediate support to help them recover.”
The Small Business Relief & Recovery Fund was launched with seed funding from New York City-based Two Sigma Investments. LISC NYC is grateful for the generous support from the corporate, philanthropic, and governmental funders who have made this opportunity possible.
About LISC NYC
LISC NYC is the flagship New York City office of the Local Initiatives Support Corporation (LISC). LISC NYC supports local partners whose services and programs aim to create a more equitable, inclusive, and sustainable New York City. Since 1980, LISC NYC has invested over $2.7 billion and leveraged an additional $6.5 billion in support of low-income communities. LISC NYC’s investment strategy is guided by a belief that the time has come to forge a future for New York City that eradicates the racial wealth gap for good, protects affordable housing, and builds pathways of meaningful economic opportunity for all New Yorkers. Follow LISC NYC on Twitter at @LISC_NYC.
For general inquiries about grant eligibility criteria and how to apply, please contact Ibrahima Souare, Senior Community Development Officer, LISC NYC (isouare@lisc.org).
For inquiries, please contact the Marino Group at lisc@marinopr.com or 212-402-3527.