City and Chamber of Commerce Launch Effort to Support Small Business Grants
March 17, 2021 4:21 PM
The City of Santa Monica and the Santa Monica Chamber of Commerce have partnered to expedite recovery for local small businesses through the SaMo Small Business Recovery Grant Program. Donations are now being accepted through the We Are Santa Monica Fund with the goal of raising funds to support 1,000 small businesses with grants of up to $10,000.
“Our community’s economic recovery depends on the vibrancy of the small businesses that we love and adore,” said Interim City Manager Lane Dilg. “As the City of Santa Monica and our Chamber of Commerce remain committed to helping these businesses weather their severe revenue losses, through the We Are Santa Monica Fund, we are drawing on the strength of our whole community to fill gaps and boost recovery. If you are a large business located in Santa Monica and the lives of your customers and workforce are made better by our full economic diversity, we hope you will join us in boosting our shared recovery.”
The SaMo Small Business Recovery Grant Program will provide urgent rescue funds to support our local small businesses who are struggling to survive. While some have been able to secure federal loans or other sources of support, there is still a great need for local grants to help keep small businesses afloat. Grants could be used to help businesses make payroll, retain employees, assist with overhead costs, and pay back rent during the required closures. The City and Chamber have contributed $225,000 in seed funding to launch the program.
"Our small local businesses are in crisis. After the challenges of the past twelve months, many are hanging on by a thread,” said Santa Monica Chamber of Commerce President/CEO Laurel Rosen. “These businesses are the lifeblood of our community. They are our friends and neighbors, our community gathering spots, the sponsors of our schools and charities. It is so incredibly vital that we step up and support these businesses, so they can survive to the end of this pandemic, and be there for us on the other side. Whatever people can give will go a long way toward supporting a robust and equitable recovery for Santa Monica."
Since the pandemic began, Santa Monica has lost 130 small, locally owned businesses and a recent City business survey indicates that many more are facing closure in the months to come. The SaMo Small Business Recovery Grants Program is stepping in to help fill a gap to preserve the small businesses that add to the character of the Santa Monica community and business districts. 88% of Santa Monica’s business community is comprised of small businesses.
To donate, visit www.calfund.org/wearesantamonica. Type SaMo Small Business Recovery Program in the Comment section, and select Business Recovery under Area of Support.
The SaMo Small Business Recovery Grants are not yet available for businesses to apply for. Once sufficient funds are raised, a process will be initiated with an independent third-party to select eligible small businesses with grants of up to $10,000. Updated information will be shared at www.santamonica.gov/economicrecovery.