As part of its partnership with LISC to provide grants to small businesses in historically underserved communities, Verizon has added another $2.5 million to their Small Business Recovery Fund, bringing the program total to $7.5 million. That means some 750 entrepreneurs across the country will have resources to keep their businesses, their employees and their communities going through the pandemic and beyond.
Additional $2.5M grant will support LISC’s Verizon Small Business Recovery Fund with a third round of funding.
In a recent survey, 64% of small businesses say their cash reserves will last less than three months and those that remain open have cut 37% of their workforce.1
BASKING RIDGE, N.J. – Verizon today announced an additional $2.5 million donation to small business support through the Local Initiatives Support Corporation (LISC), bringing the total funding of LISC’s Verizon Small Business Recovery Fund up to a potential $7.5 million. LISC, a national nonprofit that invests in affordable housing, economic development and jobs, is offering critical relief and resiliency-building support to small businesses facing immediate financial threat due to the COVID-19 pandemic, focusing especially on historically underserved communities.
Verizon and LISC also announced the first round of over 200 grant recipients from across the country that will each receive $10,000 to support their small businesses, helping them meet payroll, pay rent and address additional immediate operational needs. A second round of grants, totaling up to $2.5 million, will be distributed by LISC with funds contributed by Verizon through its ongoing #PayitForwardLIVE weekly streaming series. With over 55,000 applications for the first round of grants, Verizon has committed an additional $2.5 million in funding to support a third round of grants from LISC’s Verizon Small Business Recovery Fund.
“The overwhelming response received from the first round of applicants stressed the urgent need for additional funding to these businesses,” said Rose Stuckey Kirk, Chief Corporate Social Responsibility Officer of Verizon. “Verizon recognizes how valuable small businesses are and that the economic stability of our communities is based on their success. It’s critical that we lean in and support these businesses so they can continue to sustain themselves during this unprecedented time of need.”