Across the U.S., small businesses that form the economic backbone of their communities now face immediate – and oftentimes, crushing – financial pressure due to COVID-19. Many forced to shut down temporarily are at serious risk of never reopening. Even those that can still operate remotely face major revenue shortfalls. With little or no reserves to pay their expenses, many will have no choice but to lay off workers and close their doors forever.
Thanks to a $1 million grant from Sam’s Club, LISC will provide the emergency assistance that small businesses desperately need to stay afloat. We will deploy grants to help them bridge the financial gap, and deliver technical assistance to help them navigate the intricate web of public and private resources now available. LISC will focus these efforts on historically underserved communities—especially those enterprises owned or led by women, minorities and veterans, which often lack access to affordable capital.
Grants of up to $10,000 each to small business owners to help meet their most immediate needs. Eligible expenses include:
All applicants will receive a customized, state-by-state resource guide on how to navigate federal, state and local assistance programs and private financing as well as connections to local LISC offices and our partners.
In 10 of the hardest hit cities/regions, LISC and our local partners will provide enhanced technical support and resources to small businesses and nonprofits.
We will support small businesses and enterprises affected the Covid-19 across the country, especially those in underserved communities, including entrepreneurs of color, women- and veteran-owned businesses that often lack access to flexible, affordable capital.
Applications will be reviewed based on criteria designed to prioritize particularly challenged businesses, and the final grantees will be randomly selected from the top scoring applicants.
If you are a nonprofit organization, we have compiled a guide of resources available nationally and locally.
Press release announcing the partnership.