Verizon Lisc Small Business Recovery Grant – Our stories “Light at the end of the tunnel”. & Verizon Announces First Small Business Grant Recipients
To help small businesses, especially minority and women-owned businesses in areas most affected by the economic impact of the pandemic, Verizon is pleased to announce the first round of recipients of the Verizon Covid Small Business Relief Fund, now valued at $7.5 million. Approximately 225 trusted entrepreneurs in their communities who have had limited access to mainstream sources of capital will use their $10,000 grants to keep their businesses, families and local economies sustainable and strong.
Verizon Lisc Small Business Recovery Grant
This week, 225 small business owners struggling to stay afloat in underserved communities will receive $10,000 in grants thanks to a partnership between Verizon and Verizon. These critical funds will work to keep businesses operating in the face of devastating economic pressures caused by the Covid-19 pandemic by helping business owners pay salaries, rent and other direct operating costs.
Grants For Las Vegas Small Businesses In 2022
The grants were made possible by an unprecedented commitment from Verizon, which today announced an additional $2.5 million in grant funds, bringing the total gift to $7.5 million, with $2.5 million in each of the three application phases. This means that nearly 750 small businesses will benefit from the Verizon Small Business Recovery Fund, which in turn will be able to continue to support their families, employees and communities.
“No one is prepared for a sustained epidemic. I know I haven’t been. This grant means we’ll be able to pay our main bills for at least the next four months and bring some of our business online.”
“It means the world to me,” said Orlando Byrne, owner and barber of Barber Suite in Chicago’s Bronzeville neighborhood and recipient of the grant. Burns has been honing her hairdressing skills since high school, but as an entrepreneur, she explains, she wasn’t financially secure to endure closing her shop indefinitely. “No one is prepared for a sustained epidemic. I know I haven’t been. This grant means we’ll be able to pay our main bills for at least the next four months and bring some of our business online.”
The first round of grant funding applications received 55,000 responses within days of publication, a strong testament to the great need of small business owners in every corner of America. A recent survey by the National Bureau of Economic Research found that 40 percent of small businesses have had to lay off workers, and most are financially fragile, with barely enough inventory to cover a month’s expenses or less.
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In this first round of grantees, 96 percent are minority business owners, 62 percent are women and 12 percent are veterans. 90 percent of all entrepreneurs in their communities are under stay-at-home orders, and 87 percent live and do business in areas identified as economically distressed. These are entrepreneurs who have little access to capital from mainstream markets.
The foundation received an additional boost from Verizon’s twice-weekly Pay It Forward Live entertainment streams, which will run through May. The series has welcomed the likes of Alicia Keys, Billie Eilish and Dave Matthews into living rooms for intimate performances and titans of online gaming. For every viewer who tweets #payitforward live and shouts out their favorite small business, Verizon will donate an additional $10 to the foundation.
April Teixeira, who founded her Dorchester, MA-based Corny Bread Company at a turning point in her life; he was going through a divorce and had lost his job in education when the pandemic hit just as his company was turning a profit. .
“The beginning of March was my best month. This was my year.” But the community commercial kitchen where she bakes has closed, and farmers’ markets and other outlets, such as the weekly breakfast at the WeWork space where she sold her bread, are also on hiatus. “It’s hit the minority really hard. companies,” he says. “We often don’t have much to fall back on. This grant gives me hope that I can overcome this.”
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Like Burns and Teixeira, all of the grantees run businesses that are beloved in their communities and make a significant contribution to the local economy. Some felt the pinch as early as January, when the virus first disrupted international supply chains. Nikia Londi operates Intriguing Hair in Boston, MA, creating wigs and extensions, including medical hair loss, for people who travel from far and wide to visit her shop. Shortly after the New Year, the supply from China stopped.
Thanks @[email protected] for talking to me about the @Verizon- #SmallBizRecovery fund. The first 225 grantees are an incredible group of urban and rural entrepreneurs. We are very proud to support them and our partnership with Verizon. https://t.co/0IKFqSTwPl — Maurice A. Jones (@Maurice) April 30, 2020
In addition, “many of my customers have weakened immune systems, so they did not come to the store on the advice of doctors. It caused a 75 percent drop in revenue.” Londi turned to several sources of support, including federal stimulus programs, and had to lay off one of her employees, whom she describes as “like family.” The grant, he says, is “a light at the end of the tunnel.”
During the onslaught of the Covid-19 pandemic, many grantees have adapted their businesses to the needs of the surrounding community. The owners of Honduran Kitchen, a family-run Central American restaurant located in Huntington Park and Long Beach, California, are offering a free meal to all patrons daily from 10:00 a.m. to 11:00 a.m. Submitted by DeShanta Black of Humble Beginnings Boutique in Pennington. sewing skills that led her to start a fashion business making face masks that she sells and gives away to the people of her small country town.
Covid 19 Grant Resources
Barber Suite in Chicago, days before the epidemic. The grant from Verizon will help owner Orlando Burns pay business expenses for the next four months.
For people, Verizon’s grantees focus on surviving in the present and building sustainability in the future. Jody Slick, founder and CEO of Ecolibrium3, a nonprofit that promotes equitable economic development and energy efficiency in Duluth, MN, not only focuses on these goals for her company, but also for Ecolibrium3’s small manufacturing and other businesses. supports the Lincoln Park neighborhood, a resurgent industrial area.
During the pandemic, Ecolibrium3 launched to help provide food for needy families, help struggling entrepreneurs apply for government stimulus money and more, despite the nonprofit’s primary revenue stream being energy efficiency assessments. , is currently disabled.
Slick says the grant allows Ecolibrium3 to fulfill its mission in the age of Covid-19. “It helps us ensure that our neighborhoods are fed, that the health and well-being of our children comes first, and that our residents and our businesses are connected to the resources they need not only to get through this crisis, but also, I hope, will be stronger.” Our editorial transparency tool uses blockchain technology to permanently record all changes made to official releases after publication. However, this post is not an official release and is therefore not being tracked. For more information, visit our learn more.
List Of Covid 19 Small Business Loan And Grant Programs
Did you know that Latinos are starting businesses faster than the national average, growing by 34 percent over the past 10 years? In 2018, the US Small Business Administration reported that Latin American entrepreneurs contributed more than $62.5 billion to the US economy. With nearly 60 million Latinos living in the United States, it seems clear that the economic impact of the Latino community is significant. How Citizen helps small businesses, our economic, environmental and social progress program is designed to help one million small businesses. Access resources to help them thrive in the digital economy by 2030. One way to do this is through the Small Business Recovery Fund, which works with LISC (Local Initiatives Support Corporation) to provide grants of up to $10,000 to small businesses. businesses, especially in historically disadvantaged communities. LISC acts as a link between resource providers and those in need of support. To date, the partnership has supported 777 small businesses with nearly $7.5 million in investment, helping diverse groups of businesses see the growth potential of our communities. Small business, big impact. stuff is Tozuda, a small company in Philadelphia. Its founder and CEO, Jessie Garcia, was once a student-athlete who suffered multiple concussions that affected her athletic career. Now, engineer Garcia has used his experience and expertise to develop a device that can be attached to helmets to help visually indicate whether an athlete’s injury may lead to a concussion. The gauge, which is relatively small and inexpensive to manufacture, measures how much force an athlete receives at impact. In a recent interview with CNBC, Jesse gives it to her
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