In another example of non-profit organizations stepping in to help small businesses weather the impact of COVID-19, Local Initiatives Support Corporation (LISC) has partnered with Verizon on a grant program created to assist small businesses who otherwise may not receive the help they so desperately need.
LISC was founded in 1979 after the Ford Foundation sought out to create an organization that could connect the resources of government, foundations, and for-profit companies with the communities most in need of these resources. For over 40 years, LISC has been providing a variety of resources to communities all over the country in a number of areas including housing, education, and small business.
Continuing to build on their dedication to being a source of support for small businesses, LISC has joined forces with Verizon to create the Verizon Small Business Recovery Fund . This program is made possible by the $7.5 million donation Verizon has provided in program funding. LISC is utilizing the funding to award grants of up to $10,000 to disadvantaged small business owners. While COVID-19 has been hard on all small businesses, those in underserved communities may experience increased challenges given their locality, restricted access to capital, and other factors that often hinder their ability to access small business funding.
The grant funding can be used for a variety of operational costs including, but not limited to rent, utilities, payroll, and outstanding debt owed to vendors. Through its first two rounds of funding, the program has already distributed hundreds of grants to small businesses across the U.S. LISC is now preparing to open the third round of funding, and will begin accepting applications on May 14th. Those interested in receiving email updates on the program can register here or email [email protected]. For more information on the program and LISC, visit their website at www.lisc.org.