header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Mostly cloudy
Mostly cloudy
79°F
 
Calendar
Today in
S.C.V. History
October 31
1923 - Newhall Chamber of Commerce petitions state to pave Spruce Street (now Main); it happens three years later [story]
Spruce Street


| Wednesday, Apr 15, 2020
partnership
Aerial view of Los Angeles and Los Angeles County. | Photo: Marshall Astor/Wikimedia Commons.

 

The Los Angeles County Board of Supervisors on Tuesday approved a public-private partnership motion
to create a county COVID-19 Small Business Assistance Program which calls for the creation of the COVID-19 Relief Fund.

The public-private partnership will provide critical funding for hundreds of small businesses and nonprofits in L.A. County being impacted by the COVID-19 pandemic.

Authored by Supervisor Mark Ridley-Thomas, the motion aims to counteract COVID-19 related financial hardships small businesses and nonprofits are currently facing across all industries.

“Our small businesses and nonprofits are economically and culturally interwoven in the fabric that makes up Los Angeles County,” Ridley-Thomas said. “I am proud of Goldman Sachs, Wells Fargo Foundation, Citi, and our other private sector partners for joining with the County of Los Angeles to bring needed resources to our businesses, who are suffering great losses as we cope with this unprecedented pandemic.”

The county will seed the Relief Fund with an initial $12 million dollars investment. Private sector partners have also joined in to leverage this initial investment. Initial private sector commitments include $15 million in capital from by Goldman Sachs Group, Inc., $1 million from Wells Fargo Foundation, $100,000 from Citi Community Development, and $25,000 from Union Bank Foundation.

The county’s partnership with Goldman Sachs Group, Inc., opens a new channel Wednesday for up to $15 million of additional Paycheck Protection Program loans targeting microenterprises and nonprofits through Goldman Sachs’ national community development financial institution partner, Community Reinvestment Fund, USA (CRF). CRF plans to work through local partners to reach target businesses and nonprofits who might otherwise not have access to the PPP program via a traditional banking relationship.

“Ensuring all businesses have access to these resources is of paramount importance,” said Supervisor Ridley-Thomas, emphasizing the importance of equity and inclusivity as resources are made available to local businesses. “We know from history and intuitively that the best-resourced businesses are often first in line for available relief.”

“This is an inspiring example of how public-private partnerships can deliver much-needed capital rapidly and at scale,” said Keith Rachey, chief impact officer for CRF. “With the dedication of community partners on the ground, and the generous support of private sector partners, CRF is proud to help make a difference for small businesses and nonprofits in Los Angeles County.”

“Wells Fargo supports this important effort to provide much-needed grants and technical assistance directly to some of LA’s small businesses most in need of help during this critical time,” said Gregg Sherkin, senior vice president and senior manager of Wells Fargo’s Corporate Philanthropy and Community Relations. “We thank the county of Los Angeles for its leadership and collaboration to help our small business community which is so vital to our local economy.”

Additional support from Citi will provide $100,000 to the LA Area Chamber of Commerce to provide additional technical assistance and outreach for businesses. MUFG Union Bank Foundation’s $25,000 philanthropic contribution will serve as an operating grant to support local community development financial institution partners’ work to deploy Relief Fund capital.

“During this uncertain time, we need to come together to ensure that vital small business supports are as accessible and inclusive as possible,” said James Alva, senior VP and market manager for Citi Community Development. “This cross-sector initiative will enable more micro-business owners to unlock the critical funding championed by the LA County Supervisors.”

The Relief Fund complements recent county programs to support small businesses, including $500,000 in small business grants available through the Workforce Development, Aging, and Community Services Department, and a $3 million small business loan program through the Los Angeles County Development Authority.

The county has also begun to provide technical assistance to help small businesses access state and federal funds that are being made available to abate the impact of the crisis, through the Department of Consumer and Business Help Center.

“The Relief Fund represents a commitment by the County of Los Angeles to support our entire region,” Ridley-Thomas said. “It is an important start, but it is just that: a start. I call on our private sector partners to join us in our continued efforts to raise additional capital for our region’s business owners and entrepreneurs.

The motion directs the Department of Consumer and Business Affairs to launch the fund by April 21, 2020.

For more information about how to access available funds and updates on the Relief Fund, visit the county’s Disaster Help Center at http://lacountyhelpcenter.org or call 833-238-4450.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1923 - Newhall Chamber of Commerce petitions state to pave Spruce Street (now Main); it happens three years later [story]
Spruce Street
Melody Ranch is once again suing Placerita Canyon Corp., a mutual-benefit corporation that owns and operates an electronic gate in Placerita Canyon to prevent thru traffic from entering the Newhall enclave.
Melody Ranch Files 2nd Lawsuit Over Placerita Canyon Gate
The Los Angeles County Department of Public Health on Friday confirmed 20 new deaths and 1,296 new positive cases of COVID-19 in the past 24 hours, with 39 new cases reported in the Santa Clarita Valley.
Friday COVID-19 Roundup: L.A. County Cases Total 306,327, with 7,306 in SCV
The California Highway Patrol celebrated a socially distanced graduation ceremony for its 77 new officers who graduated with more hands-on experience than any class in Academy history.
CHP Welcomes New Officers with Real-Life Experience
The city of Santa Clarita announced the third and final edition of the family-friendly Parks Passport Adventure which is set to run throughout the month of November.
Santa Clarita Announces Final Parks Passport Adventure
Governor Gavin Newsom visited Valencia Friday to announce the opening of an innovative new laboratory built by PerkinElmer that will increase California’s COVID-19 testing capacity, reduce test turnaround time and create hundreds of new California jobs.
Newsom in Valencia as PerkinElmer Opens New COVID-19 Testing Lab
For the second year in a row, College of the Canyons will host an International Forum on Youth on November 16-19, 2020.
Nov. 16-19: COC to Host International Forum on Youth
The Southern California football community is mourning the loss of Jim Bonds, 51, a former Hart High School and UCLA quarterback who died on Wednesday after a battle with multiple myeloma.
Former Hart High QB Jim Bonds Dies at 51; Football Community Mourns Loss
It was double, double, toil and trouble as All Hallow's Eve neared in the Santa Clarita Valley, with residents continuing to provide Halloween haunts around every corner in the midst of the pandemic.
SCV Continues to Scare Up its Halloween Haunts
The Saugus Union School District board voted Tuesday night to suspend its child development program due to constraints placed on the district by the COVID-19 pandemic.
Saugus School District Suspends Child Development Program
A Santa Clarita man and his Northridge-based business partner were arrested on federal charges Thursday in a relief fraud case alleging the two fraudulently obtained more than $1.95 million in Paycheck Protection Program loans.
Santa Clarita Man Arrested in $1.9M COVID-19 Relief Fraud Case
A Los Angeles County assessor’s report on all 88 cities in Los Angeles County showed Santa Clarita property continues to be among the county’s most valuable.
Santa Clarita Property Valued at $37.2B, 5th on County List of Cities
1984 - NTSB revises probable cause of 1982 "Twilight Zone" deaths after director John Landis appeals [story]
John Landis
The Los Angeles County Department of Public Health confirmed Thursday 19 new deaths, including the 74th death in the Santa Clarita Valley and 1,745 new cases of COVID-19, including 7,267 total cases in the Santa Clarita Valley.
Thursday COVID-19 Roundup: 74th SCV Death; Local Cases Total 7,267
The city of Santa Clarita will be holding a public hearing at the Tuesday, Nov. 10, City Council meeting to consider the transfer of 32,230 square feet of vacant land, at no cost, to Family Promise of Santa Clarita Valley (FPofSCV).
Nov. 10: Public Hearing to Consider Property Transfer to Family Promise
Are you ready to save the day and bring outlaws to justice in a virtual escape room? Are you and your family ready to test your knowledge on Tacos & Trivia Night?
City Announces November Virtual Events
The College of the Canyons Art Gallery will present a public artist talk with Brooke Sauer to accompany her solo virtual exhibition “Out in the Blue” Monday, Nov. 9, at 2:30 p.m.
Nov. 9: COC Art Gallery Hosting Public Artist Talk with Brooke Sauer
The Santa Clarita Artists Association held its 31st Annual Art Classic virtually on Oct. 17, 2020.
SCAA Releases Art Classic 2020 Winners List
A gunshot victim survived his injuries and the suspect remained at large Thursday following a shooting near a liquor store in Canyon Country Wednesday night.
Suspect in Canyon Country Shooting Still at Large
Join the Santa Clarita Valley Groundwater Sustainability Agency (SCV-GSA) on Wednesday, Nov. 4, at 4:00 p.m., to learn about and to provide input on plans to sustain our water supply.
Nov. 4: SCV Groundwater Sustainability Plan Online Workshop
The California State University Board of Trustees has appointed Erika D. Beck, Ph.D., to serve as president of California State University, Northridge. Beck currently serves as president of California State University Channel Islands.
CSUN Appoints Erika D. Beck as Next President
LASD Urges Community to Plan for Safer Halloween, Día de los Muertos Alternatives
LASD Urges Community to Plan for Safer Halloween, Día de los Muertos Alternatives
SACRAMENTO – Californians age 70 and older with a noncommercial driver’s license are now eligible to renew online or by mail, eliminating the need to visit a California Department of Motor Vehicles office.
Seniors Can Now Renew Driver’s Licenses Online
1932 - Highway 99 completed through Weldon Canyon, bypassing Ridge Route [story]
Hwy 99
%d bloggers like this: