Lendistry, a minority-led fintech company, has been chosen to administer the grant program aimed at supporting small businesses in Los Angeles County’s entertainment industry. The program, known as the Entertainment Business Interruption Fund (BIF), was established and funded through the American Rescue Plan Act to provide relief to local businesses affected by the COVID-19 pandemic and the Hollywood Strikes in 2023.
The strikes, which occurred from May 1, 2023, to November 30, 2023, resulted in an estimated loss of over $6 billion to the economy, greatly impacting businesses that rely on the entertainment industry. The BIF Program aims to help these businesses recover from the financial losses they experienced during these challenging times.
Kelly LoBianco, the Director of the LA County Department of Economic Opportunity, expressed the importance of supporting small businesses in the entertainment sector as they work towards recovery. The department, in partnership with Lendistry and the LA County Film Office, is launching the grant program to provide additional aid to COVID and strike-impacted businesses.
Lendistry’s CEO, Everett K. Sands, highlighted the company’s commitment to supporting the local community during these challenging times. He emphasized the significance of assisting the entertainment industry, which serves as a major economic driver for the region.
The grant awards will be available in two tiers: $10,000 and $25,000. To be eligible, businesses must meet certain criteria such as earning at least 70% of their revenue from the entertainment industry, experiencing a 70% revenue loss due to the strikes, and being negatively impacted by the COVID-19 pandemic between 2021 and 2022. Recipients of the grants can utilize the funds for business purchases, debts, expenses, and daily operations.
To apply for the grant program, eligible businesses are encouraged to visit grants.lacounty.gov. Lendistry, the LA County Department of Economic Opportunity, and their partners are dedicated to ensuring an equitable distribution of the grants.
Lendistry, as a minority-led fintech company, strives to bridge the gap in access to capital for small businesses across the country. Through its innovative lending products and grant programs, the company aims to empower underserved urban and rural small business borrowers and drive economic growth in their communities. Lendistry’s expertise and reputation for efficient fund deployment have made them a trusted partner for both government and private organizations.
As the entertainment industry works towards recovery, the administration of the grant program by Lendistry will play a crucial role in supporting the businesses that form the backbone of Hollywood’s success.
In addition to the information provided in the article, there are several facts, trends, forecasts, challenges, and controversies related to the subject of Lendistry being selected to administer the grant program for entertainment businesses in Los Angeles County.
1. Current Market Trends: The COVID-19 pandemic has significantly impacted the entertainment industry, leading to widespread closures, production shutdowns, and financial losses. As the industry gradually recovers, there is a growing focus on providing financial support and resources to help businesses in the sector bounce back. Grant programs like the Entertainment Business Interruption Fund (BIF) are part of the efforts to aid recovery.
2. Forecasts: The entertainment industry in Los Angeles County is expected to face several challenges in the coming years. While the COVID-19 pandemic has resulted in temporary shutdowns and reduced consumer demand, the industry is projected to rebound as vaccinations progress and restrictions are lifted. However, uncertainties remain regarding the timeline for a full recovery.
3. Key Challenges and Controversies: The administration of grant programs can pose challenges in terms of eligibility criteria, application processes, and the allocation of funds. Ensuring an equitable distribution of grants to businesses that need them the most can be a complex task. Some controversies may arise around the selection of the program administrator or the perceived fairness of the grant distribution.
Advantages and Disadvantages:
– Advantages of the grant program administered by Lendistry include their expertise in providing capital and support to small businesses, their reputation for efficient fund deployment, and their commitment to supporting the local community during challenging times.
– By partnering with Lendistry, the LA County Department of Economic Opportunity gains access to a fintech company experienced in bridging the gap in access to capital for underserved urban and rural small businesses.
– Disadvantages of the grant program could include claims of unfairness if eligible businesses feel they were not adequately considered or if the funds are not distributed equitably. Additionally, there may be challenges in the application process due to a high volume of applicants or complexities in verifying eligibility criteria.
Suggested Related Links:
1. Lendistry Official Website
2. LA County Government Grants Website