Small Business Relief & Recovery Funding
To respond to the critical needs of local small businesses, especially those owned by people of color, facing the COVID-19 pandemic, LISC NY created the LISC NY Small Business Relief & Recovery Fund in 2020. Thanks to generous support from corporate and philanthropic funders, we provided $10,000 grants to minority-owned small businesses in need of immediate assistance to adapt to changing conditions. As part of our commitment to promoting economic diversity and resiliency across New York City, LISC NY partnered with the City of New York’s Department of Small Business Services (SBS) and 16 community-based organizations to deliver grants and technical assistance to hard-hit small businesses in targeted, highly impacted neighborhoods.
In 2020, these community organizations, known as business development organizations (BDOs) were provided with $287,500 to support businesses in 35 neighborhoods around the City of New York. Through this partnership, 195 businesses were assisted directly with relief fund applications, and 1,071 businesses were assisted broadly with recovery needs. 112 grants were awarded to small businesses in a variety of sectors, with 73% of relief grants going towards food & accommodation, personal care services, and retail trade; industries particularly impacted by the effects of the pandemic.
Partners
- NYC Department of Small Business Services
Funders
- Lowe’s Foundation
- Macquarie Group Foundation
- Mizuho USA Foundation
- Momentum Foundation
- MUFG Foundation
- Nielsen Foundation
- Proctor & Gamble
- Santander Bank
- Synchrony Foundation
- Two Sigma