Wells Fargo has awarded a $1.25 million grant to a Los Angeles collaborative that will provide webinars, workshops and technical assistance services to struggling small businesses and micro-enterprises in Los Angeles County led and owned by women and people of color.
The grant was distributed through the bank’s Open for Business Fund and given to Together for L.A., which will serve small businesses with multilingual and multicultural programs and resources critical to survival amid the COVID-19 pandemic.
The programs will launch in July and continue for a full year with outreach and engagement campaigns, webinars and workshops to teach best business practices. One-on-one technical assistance which will also be delivered both online and on-site.
“This will help hundred of small businesses,” said Lawren Markle, a spokesman for the Los Angeles County Economic Development Corp. (LAEDC), a founding member of Together for L.A. “We’re hoping businesses will reach out and contact us.”
The programs are designed to help entrepreneurs overcome challenges related to capital and liquidity, expenses, legal matters, broadband internet, staffing, health protocols and other operational challenges.
Gregg Sherkin, Wells Fargo’s senior vice president of social impact and sustainability in Southern California, said the pandemic has taken a heavy toll on the county’s small business community.
“We are grateful to all the organizations who have come together to help small business owners keep their doors open throughout this ordeal,” Sherkin said in a statement. “Though there is light at the end of the tunnel, there’s still a long way to go and we also need to be sure that small businesses are prepared for any future crisis.”
Los Angeles Area Chamber of Commerce President and CEO Maria S. Salinas said her organization has been “laser focused” on getting hard-hit businesses back on their feet.
“Now, as our economy is on the cusp of reopening, these same businesses require support, guidance and resources not only to continue to survive, but thrive,” she said. “The Wells Fargo Open for Business Fund grant ensures Together for L.A. can do just that.”
Bill Allen, the LAEDC president and CEO, said reopening the economy “does not equate to full recovery” of small business and jobs lost to the pandemic – particularly among historically disadvantaged communities of color.
“As a banker to businesses large and small, Wells Fargo understands that well and we are grateful for their support and partnership,” he said.
Other founding members of Together for L.A. include the Los Angeles Area Chamber of Commerce, Dr. Lucy Jones Center for Science and Society, Local Initiatives Support Corporation LA and the Institute for Sustainable Development.
