On March 18, 2020, the Long Beach City Council unanimously voted to direct City staff to develop an economic resiliency program that would assist Long Beach families, workers, nonprofits and small businesses affected by the COVID-19 pandemic. As the situation continues to evolve, check frequently for updates on available resources and services at http://longbeach.gov/economicdevelopment/covid-19-business-support/.
Need capital to launch, stabilize, or grow your business or nonprofit? The City of Long Beach manages multiple loan programs that can help to get your nonprofit off the ground or help take your organization to the next level.
Emergency Microloan Program
The Emergency Microloan Program is designed to support Long Beach businesses and non-profits that have been financially burdened by the COVID-19 public health emergency.
To get started, potential borrowers must sign-up for an appointment with the Small Business Development Center (SBDC) at longbeachsbdc.org or by phone at (562) 938-5100.
Due to the health and economic crisis caused by the COVID-19 pandemic, the Long Beach Center for Economic Inclusion (LBCEI) Board of Directors authorized an emergency response plan to redirect program funding to serve low-income working families and underrepresented small businesses most affected. The Emergency Response programming will direct $250,000 into low-income communities in North, Central and West Long Beach in four areas of need: 1) Food Security, 2) Small Business Support, 3) Digital Inclusion and 4) Housing Support Services. Visit https://lbcei.org/inthistogether/ to find out more.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The US Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. Find out more at https://sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
Los Angeles County has launched a new $500,000 grant fund for businesses and nonprofits. Grants up to $10,000 are awarded based upon demonstrated need. Applicants must be for-profit corporations or non-profits with a for-profit activity, must have between 2 and 50 full-time employees, less than $2 million in gross receipts or annual revenue, and must demonstrate significant economic hardship as a result of COVID-19. The applications portal has closed, but you may still request placement on the waitlist at https://workforce.lacounty.gov/. For more information go to https://workforce.lacounty.gov/wp-content/uploads/2020/04/wdacs-covid-grant-fact-sheet-r3.pdf.
The Los Angeles County Economic Development Corporation (LAEDC) provides an online Coronavirus Response and Recovery Resource Guide to help for-profit and non-profit employers of every size, as well as their employees in LA County, survive and recover from the increasingly devastating economic impacts of the necessary government restrictions imposed to slow the transmission of COVID-19.
Obtain funding options and legislative updates through the Los Angeles Regional Small Business Development Center (SBDC) Network’s COVID-19 Response Guide. The SBDC also offers information on applying for Small Business Administration loans. Click here to view the presentation.
The CSULB College of Business, through its Legal Studies in Business Program and Legal Resource Center, is offering an online Certificate in Business that provides comprehensive instruction on laws and procedures relevant to small business entities. The course is FREE, begins March 1, 2021, and includes eight weeks of online instruction and access to materials. Registratio closes January 31 2021. Contact the College of Business here for more info and to request enrollment.
For statewide resources, advocacy and support relating to the COVID-19 pandemic, visit https://calnonprofits.org/publications/article-archive/683-a-few-resources-for-nonprofits.
Stay informed on policy, share proven practices and find solutions through this nationwide resource. Visit https://councilofnonprofits.org/nonprofits-and-coronavirus-covid-19 for COVID-19 support.Miller
