The city of Los Angeles is home to thousands of small businesses that contribute significantly to the local economy. However, small business owners often face numerous challenges when starting or expanding their enterprises, including access to funding. Fortunately, the city council has implemented several programs to support small businesses in LA. In this article, we’ll discuss the top LA small business grants you can apply for today.
1. Minority Business Development Agency (MBDA) Grant
The MBDA is a federal agency that offers business development assistance to minority-owned businesses in LA. The agency provides funding of up to $300,000 to eligible businesses to help them grow and expand. To be eligible for this grant, your business must be at least 51% owned and managed by a minority, veteran, or woman entrepreneur. In addition, your business must be operating at a profit and must have been in business for at least two years.
2. City of Los Angeles Business Assistance Virtual Network (BAVN)
BAVN is an online portal that provides businesses with access to information on available funding opportunities and other resources. The portal also offers access to training programs and workshops that help entrepreneurs develop the skills they need to succeed. Through BAVN, small businesses can apply for various grants offered by the city, such as the LA Regional COVID-19 Recovery Fund and the Healthy Neighborhood Market Network Grant Program.
3. Los Angeles County Economic Development Corporation (LAEDC) Small Business Development Program
The LAEDC Small Business Development Program provides technical assistance and funding opportunities to small businesses in LA County. The program offers services such as business planning, marketing, and financial analysis. Additionally, eligible businesses can access funding of up to $50,000 to help them overcome the current economic challenges.
4. Empowerment Zone Sustainable Communities (EZ/SC) Program
The EZ/SC Program is a federal initiative that aims to revitalize economically distressed communities in LA. The program provides businesses operating within the designated empowerment zone with tax incentives and access to funding opportunities. The grant funding is available for various projects, including real estate development and expansion.
Conclusion
Small businesses play a vital role in the local economy, and there are numerous grant programs that they can take advantage of to grow and succeed. The grants listed above represent only a small fraction of the funding opportunities available to small businesses in LA. Entrepreneurs should always keep an eye out for new funding opportunities and stay up-to-date with the latest trends and best practices in their industry. By leveraging available resources and funding, small business owners can overcome obstacles and achieve success.
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