$54 Million in Grant Money Available to Small Businesses in One Part of California
Phase Two of the Economic Opportunity Grant (EOG) program has been launched by the Los Angeles County Board of Supervisors and the LA County Department of Economic Opportunity (DEO).
The second phase of the program will see an expansion from serving microbusinesses to include small businesses and non-profits. The first phase of the DEO launched in January earlier this year and only accepted applications from the County’s smallest and most vulnerable microbusinesses, with the cap for funding placed at $2,500 per grant.
Expanded Eligibility and Increased Funding
As well as expanding eligibility beyond microbusinesses, the funding cap has also been raised significantly. Small businesses will be able to receive $15,000 or $20,000 per grant, while non-profits can receive $20,000 or $25,000 per grant.
The DEO is planning on handing out 6,800 EOG grants, totaling $54 million in federal funds from the American Rescue Plan Act and California Office of Small Business Advocate.
Funds Providing ‘Much Needed Resources’
The Director of the new Department of Economic Opportunity, Kelly LoBianco, said of the grant program: “We’re putting $50 million back into the community and directing much needed resources to small businesses that continue to struggle and face disproportionate impacts from the pandemic even as they continue to serve and uplift local residents.
“Through multi-lingual services in 10+ languages, one-on-one counseling, and a suite of online toolkits, we’re committed to ensuring that diverse small businesses and non-profits receive the necessary support to submit a successful grant application and unlock vital financial assistance.”
LoBianco also expressed gratitude to the Board of Supervisors for their leadership, with Supervisor Lindsey P. Horvath of the Third District adding: “It’s wonderful to be able to support small business owners impacted by COVID-19 through the Economic Recovery Grants, targeting the areas of our County and organizations where assistance is needed most.”
How to Apply for an EOG Grant
The LA County website has a grants section where eligible business owners can apply. Applicants can also use the website to view eligibility criteria and access support.
This article, “$54 Million in Grant Money Available to Small Businesses in One Part of California” was first published on Small Business Trends