Contrary to what you may think, the Baldwin Hills Crenshaw Plaza (BHCP) is very much alive. Inside BHCP, Afro City is a ticket to the Mecca of Los Angeles Black businesses.
The Bank of America Business Owner Report shows that all surveyed cohorts are cautiously optimistic that economies will improve over the next 12 months.
According to the 2024 Bank of America Business Owner Report, which was conducted in partnership with Bank of America Institute, small and mid-size business owners have a more optimistic outlook on their future.
On Wednesday, May 1, the Los Angeles County Department of Economic Opportunity (DEO) held a Virtual Briefing announcing a partnership with 15 local community-based organizations to launch the Economic Mobility Initiative (EMI), a $25 million investment to support the startup and growth of local entrepreneurs, businesses, and nonprofits.
On Thursday, September 7, the Los Angeles Urban League and global, financial technology platform, Intuit Inc. (Nasdaq: INTU), launched the Intuit IDEAS (Invest, Develop, Empower, Accelerate, and Scale) program for Black and Brown small businesses in Los Angeles.
As many business owners soon recognize, however, the launch is just the beginning of their entrepreneurship journey. Once you’re open for business, it’s time to start thinking about how to grow and scale your company for longer-term success.
LegalZoom & Sparks Partner to Empower and Uplift Women Entrepreneurs
For over 15 years, the Greater Los Angeles African American Chamber of Commerce‘s (GLAACC) Business Evolution Program (BEP) has partnered with major corporations to provide entrepreneurs with the tools and resources they need to increase scale and achieve economic growth.
The Job Creators Quest Grant will help diverse small businesses continue to create premium wage jobs and act as a recognition of the existing investments these organizations have already made themselves to retain and grow their workforce during the pandemic. Funding for this grant program was facilitated in part by a $1 million grant from the Rockefeller Foundation, in conjunction with Founders First Capital Partners’ recent $9 million Series A financing. Additional partners include ADP, JPMorgan Chase & Co., Union Bank, and Small Business Majority.
Los Angeles has the largest small business economy in the U.S., with over 250,000 small businesses.
However, there’s a shortage of capital available for these small businesses, and entrepreneurs of color are disproportionately affected.
Earlier this month, the Entrepreneurs of Color Fund (EOCF) program was launched in Los Angeles to address this shortage. With $2.65 million in funding to support historically disadvantaged small business owners in Los Angeles, the fund is designed to help increase the availability of capital and business resources to strengthen small businesses owned by underserved entrepreneurs.
Throughout the pandemic, there has been many different models for monitoring the course of COVID-19. In response to the state issued news, Chairwoman Kathryn Barger stated, “I am thankful to the state for creating this new tiered system, which clearly lays out how Los Angeles County can perceive with reopening. The new process allows the County to slowly move through the process and address the health, social and economic impact of this virus while also better aligning us with neighboring counties.”
From January through July, the 2-1-1 hotline received 256 calls reporting hate. In response the County is launching the ‘L.A. VS Hate’ Campaign. It is a 3-part strategy to bring the County under one mission of unity, create a system to make reporting hate crime easier, and finally to expand the capacity to act when faced with a hate crime. The campaign uses art inspired programs to uplift the unity in a diversified community. Artists are invited to participate in creative interventions to share a common passion with all residents.
The goal for L.A. Connected is to Magnetize the resources to the communities that need them the most. The city plans for this platform to be an educational tool to empower families to receive the help they need. It is a network that includes various service providers through Los Angeles City WorkSource and FamilySource that will help Angelenos apply to the following: unemployment insurance, file their taxes, apply for as much as $8,000 in tax credits, and access federal stimulus checks, known as Economic Impact Payments, which total up to $1,200 per adult and $500 per child.
Chairwoman Kathryn Barger confirmed the allocation of 1.2 billion dollars that Los Angeles County received from federal government through the CARES Act. She ensured these funds will provide the county with significant resources for residents and business owners. It will equip and encourage small businesses and organizations with knowledge and tools to remain open.
Chairwoman of Los Angeles Board of Supervisors Kathryn Barger stated that recent rise in positive cases can be linked to events that took place on July 4, results in spread show up 2-3 weeks after a person has contracted the virus. “We cannot stress this enough; we need everyone to do their part and adhere to all the guidelines public health officials have put in place to keep Los Angeles county safe.”