New Wave of Small Business Relief for Santa Monica Businesses
July 15, 2021 10:06 AM
The City of Santa Monica and Santa Monica Chamber Foundation are partnering with Local Initiatives Support Corporation Los Angeles (LISC LA) to launch the Santa Monica Small Business Recovery Grants to support Santa Monica’s small business community. Eligible Santa Monica businesses are urged to apply from July 16 to July 30 for a $5,000 grant available at www.santamonica.gov/bizgrants. Early applications are encouraged.
The Santa Monica Small Business Recovery Grant will provide $5,000 grants to over 75 eligible small brick-and-mortar businesses located in the City of Santa Monica. Eligible businesses must have been in existence since September 4, 2019, and in current operation with annual revenue under $2 million. Grant winners will be chosen through an online, randomized application system. Businesses that are located in low- and moderate-income census tracts will receive additional weighting. At this time, the grant is limited to for-profit businesses with existing storefronts in Santa Monica; future grants will be available for Santa Monica nonprofits later this summer. Home-based businesses are not eligible.
Funded by the City of Santa Monica’s We Are Santa Monica Fund ($200,000), the Chamber Foundation ($25,000), American Rescue Plan Act funds ($200,000), individual donors, and local businesses and charitable nonprofits like Optimum Seismic, Rotary Club of Santa Monica, and Santa Monica Place, over $440,000 has been raised to support our local business community. The Santa Monica Small Business Recovery Grant will be managed by LISC LA, a non-profit community development financial institution (CDFI). LISC LA also managed the distribution of over $100 million in grants to small businesses across Los Angeles County through the LA Regional COVID-19 Recovery Fund in 2020 and 2021. Interested donors can contribute to the We Are Santa Monica Fund at www.calfund.org/wearesantamonica (Select “Business Recovery”).
“We know that the last 16 months were a very challenging, unpredictable time for Santa Monica businesses. They adapted their operations to safely serve our community and did so with determination and grit,” says Mayor Sue Himmelrich. “We are eager to support our Santa Monica businesses as they aim for recovery and I urge all Santa Monica small businesses to apply. These vital funds are the outpouring of a community-wide effort and we’re grateful for every dollar contributed.”
The small business grant program is part of the City’s priority for an Equitable and Inclusive Economic Recovery and builds on existing economic recovery efforts including supporting vulnerable populations, advancing local business and neighborhood vitality through programs like outdoor dining, promoting safe indoor and outdoor spaces, and a robust communications and outreach effort.
“Santa Monica is a community that bands together and lifts one another up when times are tough. The Santa Monica Small Business Recovery Grants are another example of our caring community and our determination to support our vibrant business community to survive after a devastating year,” said Santa Monica Chamber of Commerce President/CEO Laurel Rosen.
“We applaud the City of Santa Monica for its commitment to revitalize its hard-hit small business community through this program,” said Tunua Thrash-Ntuk, LISC LA Executive Director. “LISC LA looks forward to distributing this targeted economic relief to small businesses across the city and helping Santa Monica rebuild its commercial corridors.”
Eighty-eight percent of the Santa Monica business community is comprised of small businesses. As California continues its reopening process, grants like the Santa Monica Small Business Recovery Grant are vital to equipping our small businesses for a successful recovery. Grant applications can be submitted through Friday, July 30. Businesses are encouraged to apply early. For more information, please visit www.santamonica.gov/bizgrants.
Communications & Public Information Manager