The fintech that administered the first two phases of Los Angeles County's business recovery program powers the next step
LOS ANGELES, CA / ACCESSWIRE / April 25, 2024 / Lendistry announces today that it has been selected to administer the Entertainment Business Interruption Fund Program (BIF) to support small Los Angeles County businesses serving the entertainment industry. This program, created and funded through the American Rescue Plan Act, is offered through the L.A. County Department of Economic Opportunity (DEO) and the County Film Office to provide relief for local businesses impacted by the COVID-19 pandemic and the 2023 double Hollywood Strikes.
Reuters estimates that the economy lost more than $6 billion during the strikes from May 1, 2023, to November 30, 2023. Local businesses serving the entertainment industry felt this impact as they lost a key segment of their customer base for half a year while many were still managing the effects of the pandemic. The BIF Program provides aid for these businesses to recover from financial losses resulting from these two major events.
"While the strikes have ended and fair deals were negotiated, we know that there are continuing impacts on small businesses supporting the entertainment industry even now as production has started to resume in LA County. We need to support and ensure the future resiliency of our trademark sector as they recover and get back on their feet," says Kelly LoBianco, Director of the LA County Department of Economic Opportunity. "DEO and the LA County Film Office are excited to launch a new grant program today in partnership with Lendistry and SBDC for our COVID and strike-impacted businesses, expanding our $50 million Economic Opportunity Grant program and adding to the nearly 4,800 small businesses and nonprofits we've served together."
"Lendistry is excited to continue its work with the L.A. County Department of Economic Opportunity along with the LA County Film Office," says Everett K. Sands, CEO of Lendistry. "The entertainment industry had only just emerged from one major disruption before shouldering another. This is one of the largest small business communities here in our hometown, so Lendistry is committed to helping DEO and the County Film Office deploy these grants equitably."
"Small businesses are the lifeblood for the Entertainment Industry and keep productions moving," says Gary Smith, Head of the LA County Film Office. "The County Film Office is grateful to Supervisors Horvath and Barger for approving our request to provide grants to these businesses as they recover from the 2023 Strikes and the COVID Pandemic. Without these small businesses, Hollywood cannot exist."
Grant awards are available within two tiers of $10,000 and $25,000. Eligible businesses must earn at least 70% of their revenue from the Entertainment Industry, have lost at least 70% of revenue due to the strikes, and have been negatively impacted by the COVID-19 pandemic between 2021 and 2022. Grant recipients can use the funds for business purchases, debts and expenses, and day-to-day operations. Lendistry, the L.A. County DEO, and partners encourage eligible businesses to apply at grants.lacounty.gov.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital and to empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry's leadership is often called upon to share their expertise with both government and private organizations. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation's only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
Contact Information
Kate Kearns
Communications manager
communications@lendistry.com
SOURCE: Lendistry
View the original press release on newswire.com.
