Small businesses receiving up to $250,000 and technical assistance to help grow their business

LOS ANGELES – Local Initiatives Support Corporation Los Angeles (LISC LA) announced the first recipients who have been awarded between $50K and $250K in Growth Capital by the Asset Building for Communities of Color (ABC) Program. This investment will be impactful in helping diverse entrepreneurs acquire key assets to grow their start-up businesses.  Recipients will also receive 12 months of tailored one-on-one support from LISC LA’s partnering technical assistance providers.  

“LISC LA is thrilled to announce the first growth capital recipients – an incredible group of small businesses that contribute to the vibrancy of our region,” said Emma Kloppenburg, Senior Program Officer at LISC LA. “For many entrepreneurs of color, friends, and family simply aren’t viable options for raising capital. The ABC Program fills the friends and family financing gap and seeks to give start-ups led by people of color a fair chance to grow.” 

With a generous $20 million donation from Wells Fargo received in February of this year, LISC LA created the ABC Program to help diverse small business owners across Los Angeles County unlock their potential to grow, scale, create jobs, and fuel wealth creation. The groundbreaking Program is one of a few sources of capital for start-up businesses and is providing more flexible and low-cost capital compared to traditional financing sources, meeting a critical unmet need for businesses led by people of color. LISC LA will be deploying a total of over $8 million in Growth Capital awards over the next three years. 

Growth Capital award recipients include:*

• Art Space Huntington Park
• Bakers Bench
• Carla’s Fresh Market
• Compton Soul
• Designed by D’Amour
• FWIN Productions                                                           
• Lawrencia Bridal Couture
• Moon Global Studios
• Paper Plant Co 
• PopUp CleanUp
• Sivil
• Toss It Up

“Wells Fargo is proud to support LISC LA’s ABC Program and bring these flexible products to diverse-owned small businesses in Los Angeles County, allowing them to reach the next step needed in their development. While micro and larger loans are often available, Growth Capital’s $50K-$250K range is filling a crucial small business need,” said Gregg Sherkin, Senior Vice President of Social Impact at Wells Fargo.

Bakers Bench is a vegan-friendly bakery that collaborates with other local businesses to contribute to Chinatown’s preservation, growth, and success. “Getting these funds is a game changer for my business because it will help me launch my brick-and-mortar location, allow me to purchase a new oven that will increase production, and help me grow into wholesale,” said Jennifer Yee, owner of Baker’s Bench.

Commercial and event cleaning company, PopUp CleanUp, hires locally and is actively involved in the Crenshaw District and the greater Los Angeles community. “This invaluable assistance will help us better handle the volume of inquiries, manage the logistics of fulfilling service requests, and ultimately grow the business,” said Kenetia Lee, owner and founder of PopUp CleanUp. 

Photo source: Depositphotos