Sixteen BIPOC-led small business owners from South Los Angeles and the Crenshaw District celebrated the completion of Local Initiatives Support Corporation Los Angeles’s (LISC LA) first-ever Leveraging Real Estate cohort on May 22, at ORA Cafe in Leimert Park.
The transformative six-week program was designed to equip small business owners in South L.A., the Crenshaw District, and the Goodyear Tract with the essential tools and knowledge needed to become commercial property owners. The culmination event featured drinks from Leimert Park Wine and bites from Delicious Soul Food, all local Leimert Park businesses.
Experienced investors and Los Angeles-based commercial real estate service providers, Austin Curry, founder of Curry Consulting in Inglewood, and Matthew Gates, CEO of In The Building LA, facilitated the course. Participants gained valuable insights into the multi-step process of real estate transactions including making offers, navigating escrow, and understanding the terminology used by agents, lenders, and other stakeholders. They also learned the initial steps to take once acquiring a property.
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“After a particularly complex acquisition involving four small business owners, millions in grant capital, and a very un-motivated seller, we wanted to create a playbook to empower other small business owners to take the journey to owning commercial real estate,” Curry explained to the Sentinel.
“My long-term vision is for my community to be filled with high impact small businesses housed in beautiful physical spaces.”
“In The Building LA has been doing economic development and real estate-related engagement for several years,” said Gates, who resides in South L.A.
“Many of the businesses that participated in the program came through organic relationships we built over time with business owners we thought would be great for the program. As word started to get out about what we were doing, we also received referrals from our resource partners at Destination Crenshaw and Inclusive Action.”
As a result, Curry and Gates were connected with a cross-section of area businesses ranging from popular neighborhood brands to obscure companies flying under the radar. As part of the course, participants were also coached on how to pitch their businesses and during the event, many volunteered to come on stage and share their elevator pitches.
Genelle Brooks-Petty shared her vision of purchasing the property that currently houses her and her husband’s business, All Chill, a super-premium ice cream shop. They hope to not only continue growing their business, but also help other value-aligned partners that need an opportunity like their landlord has given them.
Kandee Lewis, CEO of Positive Results Center – an organization addressing trauma from a cultural and age perspective, said that with the skills she’s gained, she now feels prepared to move forward with her vision.
“I’m now on a path where I can talk to a realtor or bank. I’m going into this informed and knowledgeable about successfully securing property and owning it,” Lewis said.
The cohort program was largely funded by Kaiser Permanente through a $1 million grant strictly focused on the South LA Economic Inclusion Implementation Plan. Its Façade Improvement Program aims to build more walkable communities, which is linked to increasing life expectancy rates.
“We wanted to create an environment in South L.A. by making storefronts safer and more attractive,” said Nicole Williams, executive director of LISC LA, who explained the partnership process to guests in attendance.
“Resiliency looks like ownership. This brought us back to what we really want to do in South L.A., which is to make sure that the tenants that have built their legacies here can become owners and participate in that wealth creation.”
Other businesses completing the course included Boketto Cold Brew LLC, Build to Propser LLC, Crenshaw Yoga and Dance, Enchanted Escape Room, Glow + Flow Franchises, Gorilla RX Wellness Co, JTM Academy, Malik Books, Morris Media Studios, Neumascape Studio, Our Own, Sip & Sonder, and TERMINAL B.
The LRE participants received $1300 stipends from BMO bank and certificates in recognition of their dedication and resilience in completing the program.
