ECONOMIC DEVELOPMENT
LISC LA has spent this past year hosting programs that strengthen diverse-owned businesses through economic relief and business development.
Keep Our Shops on the Block
The Keep Our Shops on the Block: Personal Care & Retail Recovery Grant was the first of its kind in Los Angeles County dedicated to supporting brick-and-mortar businesses within the personal care and retail sectors. $10,000 grants were awarded to 481 small businesses with annual revenues below $1 million across the county (excluding the City of Los Angeles).
Additionally, every grantee received free technical assistance through the Los Angeles Small Business Development Center or a registered Women's Business Center. Through personalized training sessions and grant capital, the Keep Our Shops on the Block program helped to make our businesses stronger and more resilient.
Program Statistics
LISC AmeriCorps
We began our 26th year of the LISC LA AmeriCorps program in the middle of the COVID-19 pandemic, and despite the difficulties, our members were motivated to serve their communities. AmeriCorps, a federal agency, brings people together to tackle the country’s most pressing challenges through national service and volunteering. Since 1994, LISC has paired passionate and dedicated AmeriCorps volunteers with local partner organizations focused on housing, financial services, research, and youth services.
2021 Statistics
2021 Members
“When you’re working with individuals, it’s one thing to train them and get them prepared for a job, but it’s a completely different thing to give them those other soft skills that help them keep the job – and that’s why financial coaching is so important.”
— Adewale OgunBadejo, Bridges to Career Opportunities Program
Financial Opportunity Centers
LISC LA announced the new Financial Opportunity Center (FOC) Community of Practice: a program made possible by our partner Pacific Western Bank for FOC organizations and new community partners to share best practices on asset building and career pathway development.
With a $75,000 investment, LISC LA launched a robust capacity-building program focused on financial wellness and workforce development, led virtually by subject-matter experts across California. Participants developed individual learning plans and met together as a cohort to build capacity, knowledge and a network during the ongoing COVID-19 pandemic.
FOC partner Coalition for Responsible Community Development (CRCD) worked with leaders in the renewable energy sector to create sustainable career pathways in solar for people living in historically divested communities in Los Angeles. GRID Alternatives, their partner and a renewable energy non-profit, established a LISC LA Bridges to Career Opportunities (Bridges) program to provide 9 participants across 13 weeks with financial coaching, education and career training – as well as COVID-19 resources and assistance.
Long-standing FOCs Central City Neighborhood Partners (CCNP) and Mexican American Opportunity Foundation (MAOF) continued to serve clients throughout 2021. A $300,000 investment will allow both FOCs to launch the Digital Pathways to Careers platform, so clients can build digital skills and access career training pathways in high-demand jobs.
FOC Service Statistics
“This program helped me accelerate the process of engaging clients and turning followers into actual customers.”
— Charles Wade, KOSB Digital Accelerator Graduate
2021 was the year of the Black Economic Development Agenda.
The Black Economic Development Agenda was LISC LA’s 2021 initiative to focus its resources and programs on closing the racial wealth gap and empowering Black communities across Los Angeles County.
The Black Economic Development Agenda programs supported the local economies of historically Black neighborhoods in Los Angeles, by ensuring upward mobility is achievable through access to capital and business development.
ASCEND LA
Supported by JP Morgan Chase and led by LISC LA, ASCEND LA brings together a network of nonprofit lenders, education providers, and B2B market makers to provide diverse entrepreneurs with the resources and market access needed to grow their businesses—all in an effort to build the next generation of $1M+ businesses owned by women and people of color.
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Black Business Excellence Technical (BBET) Assistance Initiative
LISC LA, with the support of Pacific Premier Bank and the James Irvine Foundation, launched the Black Business Excellence Technical (BBET) Assistance Initiative: a new accelerator program that provides wrap-around business services to Black-owned businesses in the personal care industry to help take these businesses to the next level.
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Keep Our Shops on the Block Digital Accelerator
Following the success of the Keep Our Shops on the Block grant, LISC LA expanded the program and the services offered and launched a digital literacy accelerator for diverse-owned businesses. This program was made possible through the Together for LA partnership and the generosity of Wells Fargo.
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South LA Economic Inclusion Plan
The three-year implementation plan supports an integrated, place-based approach to advancing economic mobility for communities in South LA. LISC LA provided technical assistance to over 130 businesses in digital marketing, social media, leadership development training, financial analysis and loan readiness.
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Lowe’s Grants
LISC and Lowe’s partnered in 2021 to distribute emergency grant assistance that small businesses desperately needed to stay afloat. A priority was placed on women- and minority-owned enterprises that often lack access to affordable capital.
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Verizon Grants
Early in the crisis, Verizon understood that small businesses would need help filling urgent financial gaps until normal operations can resume or until other more permanent financing becomes available. The company stepped up with grants of up to $10,000 to small businesses, particularly in historically underserved communities hit hard by the pandemic.
Learn more [+]
ChangeMakers LA Podcast
LISC LA 2021 Annual Report www.lisc.org/los-angeles