Long Beach Economic Partnership – Relief

2020-04-13 11:47:53

AreYouANonprofit: No

Legal-name: Long Beach Economic Partnership (LBEP)

Previous-name: Downtown Development Corporation (DDC)

Address: 110 W. Broadway, Suite 120

City: Long Beach

State: CA

Zip: 90802

Tax-id: 27-5334557

Organizational-status: 501(c)3


Officer: Randal Hernandez, Chairman

Annual: $450,000

ContactName: John P Keisler

Title: Director of Economic Development

Tel-952: (562) 570-5282

SecondaryPhone: (562) 673-2586

Email-765: john.keisler@longbeach.gov

GrantPurpose: Non-Profit Business Emergency Assistance Microloan Program

TotalCost: $1,000,000

Requestedamount: $200,000

Periodoftime: 5-7 years

Audienceserved: Non-profit organizations with (5) or fewer employees focusing on public benefit services (e.g. economic inclusion, food insecurity, small business support, etc.)

Demoofaudience: Providing emergency microloans to up to $10,000 for (100) local small non-profit organizations that serve all ages.

Numberofserved: By leveraging Federal Economic Development Administration (EDA) match funds of $800,000, this $200,000 grant will create a $1 million non-profit fund p to (100) small non-profits and 500 non-profit employees that provide service to thousands of residents in the community.

District: Citywide (all)

Funding: Immediately

1. What disaster recovery service have already been provided? : Currently, the City operates a Long Beach Emergency Assistance Loan Program in response to COVID-19. This is a new program, designed to provide financial assistance of up to $10,000 to microenterprise businesses—including non-profit businesses—of 5 or fewer employees on a first-come, first-served basis. In an innovative partnership, business advisors from the Long Beach Small Business Development Center will assist borrowers with the navigation and facilitation of the application process. To apply, potential borrowers must sign-up as a client with the Long Beach SBDC online. Once registered, potential borrowers should call the LB SBDC at 562-938-5100 to set up an appointment with a business advisor who will aid with navigating the loan application process. In addition to one-on-one business consulting, these borrowers will automatically be enrolled in a cohort for special ongoing networking and programming to help them recover from the current emergency, transition their business plans, and grow revenue until they are able to repay their loans.

2. What disaster recovery service will be provided by this grant? : This “Emergency Non-profit Microloan Program” will provide immediate, direct loans up to $10,000 for up to 100 Long Beach-based non-profit organizations so that small local non-profits can survive the business closure period (estimated to be 90 days), and maintain basic operations while fundraising events and other activities are prohibited. These emergency loans will be repaid to LBEP over 5-7 years and be re-lent to additional non-profits.

3. What individuals (and/or organizations) will you assist? : All local non-profit organizations with 5 or fewer employees that serve high-need populations of the Long Beach community. A particular focus will be on non-profits that provide food delivery, health care, housing support, and other essential needs during the COVID-19 emergency.

4. What other disaster recovery funds have you received? What amount?: LBEP has received donations and grants from local community foundations to provide funding support for small business loans and grants in high-need areas. These include donations and grants from Prologis ($250,000), Union Bank ($25,000), Wells Fargo ($100,000). Additionally, the City of Long Beach received $1 million from the federal EDA for disaster recovery loans in 1991 and continues to operate the revolving loan fund for disaster response but the funds are nearly exhausted.

5. What other disaster recovery funds have you applied for?: This $200,000 Non-Profit Business Emergency Assistance Microloan Program grant will allow the LBEP and the City of Long Beach to apply for an additional $800,000 in federal EDA disaster loan funds to create a $1 million loan fund dedicated to non-profit organizations with 5 or fewer employees.