Part Two of the Financial Alternative Grant (EOG) program has been launched by the Los Angeles County Board of Supervisors and the LA County Division of Financial Alternative (DEO).

The second section of this system will see an growth from serving microbusinesses to incorporate small companies and non-profits. The primary section of the DEO launched in January earlier this 12 months and solely accepted functions from the County’s smallest and most weak microbusinesses, with the cap for funding positioned at $2,500 per grant.

Expanded Eligibility and Elevated Funding

In addition to increasing eligibility past microbusinesses, the funding cap has additionally been raised considerably. Small companies will be capable to obtain $15,000 or $20,000 per grant, whereas non-profits can obtain $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 Workplace of Small Enterprise Advocate.

Funds Offering ‘A lot Wanted Sources’

The Director of the brand new Division of Financial Alternative, Kelly LoBianco, stated of the grant program: “We’re placing $50 million again into the neighborhood and directing a lot wanted assets to small companies that proceed to battle and face disproportionate impacts from the pandemic whilst they proceed to serve and uplift native residents.

“By way of multi-lingual companies in 10+ languages, one-on-one counseling, and a collection of on-line toolkits, we’re dedicated to making sure that various small companies and non-profits obtain the mandatory help to submit a profitable grant utility and unlock very important monetary help.”

LoBianco additionally expressed gratitude to the Board of Supervisors for his or her management, with Supervisor Lindsey P. Horvath of the Third District including: “It’s fantastic to have the ability to help small enterprise house owners impacted by COVID-19 by way of the Financial Restoration Grants, focusing on the areas of our County and organizations the place help is required most.”

The way to Apply for an EOG Grant

The LA County web site has a grants part the place eligible enterprise house owners can apply. Candidates may use the web site to view eligibility standards and entry help.

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