LISC LA Provides Small Business Solutions to Local Governments Amidst COVID-19
Los Angeles, California – April 6, 2020 – The Local Initiatives Support Corporation Los Angeles (LISC LA) is offering their partnership to cities in Los Angeles (LA County) and Orange County as they aim to support small businesses during the COVID-19 pandemic. With a commitment to building resilient and inclusive communities of opportunity, LISC LA has developed a toolkit of best practices for local governments during times of severe economic challenges.
As the spread of COVID-19 continues to intensify, local governments will need to implement innovative and effective solutions for small businesses across LA and Orange Counties — especially for the people and businesses in historically under-invested communities that are likely to suffer disproportionately due to the pandemic.
LISC LA has developed a toolkit, with funding from Wells Fargo, that offers several small business policy agenda ideas and innovative solutions for local governments to consider. Compiled through in-depth research and reports from LISC LA’s dozens of community-based partners on the front lines of this crisis, the toolkit includes seven immediate recommendations for mitigating the impact of the pandemic:
- Deferring Fees – Defer all payments due by small businesses until 2021 or beyond
- Providing Technical Assistance – Provide virtual support and business model repositioning
- Investing with Low-cost Capital – Establish an emergency loan fund for small businesses
- Forming Public/Private Partnerships – Enhance the small business lending environment
- Instating a Moratorium on Evictions – Maintain other measures for on-time lease payments
- Launching a 'Call for Data' Campaign – Create a database of small businesses for direct contact
- Initiating a Buy Local Campaign – Leverage the database of small businesses
“During these unprecedented public health and economic challenges, LISC LA is offering to work with local governments to improve recovery and resiliency efforts of diverse small business communities across LA County – and the coalition undoubtedly has the tools to do it,” says Tunua Thrash-Ntuk, Executive Director of LISC LA. “LISC has proved itself as a critical first responder time and time again, leading transformative relief and resiliency efforts before and after the Great Recession and in the aftermath of Hurricane Sandy, Harvey and Maria.”
With over 40 years of experience catalyzing opportunity with the people and in the places that are being most disrupted by the COVID-19 pandemic, LISC has the knowledge of seasoned community partners, and aptitude for expediency to uplift small business communities in times of need. Including grants, loans and equity, LISC has leveraged $65 billion in investments into these communities on a national scale.
Unprecedented times undoubtedly call for innovative and effective solutions in the communities we all care about. While the world has changed and will no doubt require a tailored response, the needs of the most vulnerable remain the same, and LISC LA continues to uphold its commitment to equity, working in underinvested communities and communities of color that deserve the same attention, resources and seat at the table – especially in times of crisis.