LISC San Antonio Receives $3.3M to Support Small Business
4.07.2023
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Press Releases
ARPA funding through City of San Antonio for small business ecosystem, back-office support and Kiva microlending
SAN ANTONIO (April 7, 2023) – On Thursday morning, San Antonio City Council approved American Rescue Plan Act (ARPA) - State and Local Fiscal Recovery Funds (SLFRF) awards totaling $5,050,000 for the Economic Development Department’s Small Business Support Services competitive solicitation. Of this over $5 million in funding, LISC San Antonio was awarded a total of $3,306,000 in the categories of Growth Fund, Ecosystem Enhancements and Back Office Support.
“Today’s vote is step toward creating a local economy that works for everyone, including the mom-and-pop business and the microentrepreneur,” said Leilah Powell, LISC San Antonio executive director. “We know COVID and the recession worsened the service and funding gaps as well as the racial and ethnic inequity that has always been a part of the system, so I want to thank our small business partners for their effective advocacy for change and our City Council and Mayor for investing in solutions.”
LISC San Antonio’s small business ecosystem programming was developed in partnership with the Business Development Organization (BDO) Alliance, which includes American Indians in Texas at the Spanish Colonial Missions (AIT-SCM), Centro San Antonio, Culturingua, Maestro Entrepreneur Center, Prosper West, San Antonio for Growth on the Eastside (SAGE) and Southside First Economic Development Council. Much of today’s award will provide pass-through funding for the BDO Alliance members to carry out direct business support services. The ARPA award will also partially fund a staff position at LISC San Antonio to support the BDO Alliance, implementation of this grant and wider small business ecosystem enhancements such as coordinated client management and developing the local supply chain for small business professional services. Additional funding to leverage today’s award has come from JPMorgan Chase, USAA and the San Antonio Area Foundation.
“Increasing the prosperity of all our San Antonio families is central to our work and to the vibrant future that LISC and our private and public sector partners, like the City of San Antonio Economic Development Department, are building,” said Juan Solis, III, LISC Local Advisory Committee chair and Truist community development manager for Texas. “Small business is the backbone of our economy and San Antonio will be a national model for inclusive growth.”
The ARPA SLFRF awards will address current impacts of structural issues identified in the San Antonio Small Business Ecosystem Assessment, which was funded by JPMorgan Chase. The report emphasized the disproportionate impact of the COVID-19 on Black- and Hispanic-owned businesses, historic unmet capital demand for San Antonio small businesses and need for coordination of resources across the city and county.
Congratulations to the other organizations awarded funding this morning: Maestro Entrepreneur Center, SAGE, Herospace Digital Consulting and Prosper West. LISC looks forward to continued collaboration to implement the programs and projects supported by today’s award.
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About Local Initiatives Support Corporation (LISC)
Since its founding in 1979, LISC has been one of the country’s largest community development organizations, helping forge vibrant, resilient communities across America. We work with residents and partners to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and places can thrive. LISC San Antonio opened in 2016 and, in the years since, has made over $66 million in loans, investments and grants, helped to create nearly 2,000 affordable homes and apartments, assisted with development of 166,989 sq. ft. of community and commercial space and supported dozens of local non-profit and community-based organizations with both funding and technical assistance. For more, visit http://www.lisc.org/san-antonio.
