78 Santa Monica small businesses received $ 5,000 in grants
From Staff Writer
This month, 78 Santa Monica small businesses received $ 5,000 in grants from community members, business leaders, and nonprofits that donated to the City of We Are Santa Monica Fund and the Santa Monica Chamber of Commerce.
“It has been 18 months of such unprecedented and challenging conditions for our businesses,” said Jennifer Taylor, Santa Monica City’s economic development manager. “We know many business owners are still struggling with outstanding bills and expenses, and we hope these grants can provide additional support to our small business community.”
According to the city, 475 local businesses have applied and 78 scholars have been selected through a randomized online application system.
“As cities plan and begin implementing their strategies for economic recovery from COVID-19, it is imperative that they do so fairly to ensure that small businesses, run and run by women and people of color, are not be left behind – and the city of Santa Monica does just that, ”said Tunua Thrash-Ntuk, Executive Director of LISC LA. “LISC LA is proud to partner with the City of Santa Monica in this reconstruction effort, and we hope that with additional funding we can continue to help the city rebuild and distribute this economic aid across the city.”
The SaMo Small Business Recovery Grant Program was created to support inpatient businesses based in Santa Monica with annual sales of less than $ 2 million. Applicants and fellows were distributed across the city, and program funds were distributed and administered on behalf of the city by Local Initiatives Support Corporation Los Angeles (LISC LA). A variety of companies have received a SaMo Small Business Recovery Grant, with funding spread across neighborhoods and a range of industries.
According to the city, of the 78 companies that have received a grant:
· 50% are owned by a minority or run by colored people
51% are from low- or middle-income census areas (LMI)
· 50% are owned or run by women
· 44% of the scholars reported annual sales of less than $ 250,000
· 76% of the funding went to services or retail
· 36% of the scholarship holders are in the postcode 90405
“We are proud to support our small business community and thank our generous donors from the Santa Monica Chamber Foundation and We Are Santa Monica Fund for their contribution to such a concrete relief effort,” said Laurel Rosen, President / CEO of the Santa Monica Chamber of Commerce .
Santa Monica businesses interested in additional grant programs are urged to apply for the newly announced $ 1.5 billion state funding under the California Small Business COVID-19 Relief Grant Program. Government grants of $ 5,000 to $ 25,000 are available for eligible small businesses and nonprofits. Companies must apply for this completely separate funding option via the state’s funding portal. For more information and to apply by September 30, please visit www.CAReliefGrant.com