The fintech that managed the first two phases of Los Angeles County's business recovery program will drive the next steps
Los Angeles, CA / ACCESSWIRE / April 25, 2024 / Lendistry announced today that it has been selected to administer the Entertainment Business Interruption Fund Program (BIF), which supports Los Angeles County small businesses serving the entertainment industry. The program was created and funded by the American Rescue Plan Act to provide relief to local businesses affected by the COVID-19 pandemic and the Hollywood Double Strike of 2023. It is offered through the Department of Opportunity (DEO) and county film offices. .
Reuters estimates that the economy lost more than $6 billion during the strike, which ran from May 1, 2023 to November 30, 2023. Local companies serving the entertainment industry lost a significant segment of their customer base for six months, and many businesses were hit hard by this. They were still managing the effects of the pandemic. The BIF program will help these businesses recover from the financial losses caused by these two major events.
“While the strike has ended and a fair deal has been negotiated, we know that even as production begins to restart in Los Angeles County, the small businesses that support the entertainment industry continue to be affected. We need to support and ensure the future resiliency of trademarks that are recovering and getting back on their feet,” said Kelly LoBianco, director of the Los Angeles County Department of Economic Opportunity. “DEO and the LA County Film Office today partnered with Lendistry and SBDC to launch a new grant program for our businesses impacted by COVID-19 and strikes, providing $50 million in Economic Opportunity Grants. We are excited to expand our gold program and add the approximately 4,800 small businesses and nonprofit organizations we have served together. ”
“Lendistry is excited to continue our collaboration with the Los Angeles County Department of Economic Opportunity, along with the Los Angeles County Film Office,” said Everett K. Sands, CEO of Lendistry. “The entertainment industry was just emerging from one big disruption and was hit by the next big disruption. This is one of the largest small business communities in our hometown, so Lendistry is a partner of the DEO and county film office. We are committed to helping ensure that these grants are deployed equitably.”
“Small businesses are the lifeblood of the entertainment industry and keep production moving,” says Gary Smith, director of the Los Angeles County Film Office. “The County Film Office is grateful to Directors Horvath and Berger for approving our request to provide grants to these businesses as they recover from the 2023 strike and the COVID-19 pandemic. Hollywood cannot exist without these small businesses.”
The grant is divided into two tiers: $10,000 and $25,000. Eligible companies derive at least 70% of their revenue from the entertainment industry, have lost at least 70% of their revenue due to strikes, and have been adversely affected by the COVID-19 pandemic during 2021-2022. is needed. Grant recipients receive funding for business purchases, debt and expenses, and day-to-day operations. Lendistry, LA County DEO, and partners encourage eligible businesses to apply at grants.lacounty.gov.
About Rendistry
BSD Capital, Inc.'s dba Lendistry (lendistry.com) is a minority-led fintech that provides access to innovative lending products and grant programs to small businesses across the country. Headquartered in Los Angeles' Opportunity Zone, Lendistry leverages technology and community partnerships to overcome systemic gaps that prevent access to capital and provide responsible lending options to customers. Building on its reputation for efficiently and equitably deploying funds, Lendistry's leadership is often called upon to share its expertise with both government and private organizations. Lendistry holds both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) designations and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is his SBA preferred lender and his SBA designated small business lending company that is the only African American-led company in the country. Lendistry works with The Center by Lendistry, a nonprofit business education organization, to bring economic opportunity and advancement to underserved urban and rural small business borrowers and their communities. We are dedicated to delivering growth.
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View the original press release on newswire.com.