The City of Long Beach has announced a new economic venture aiming to bolster local small businesses and startups through the Inclusive Business Navigator Microgrant Program. Funded by the Long Beach Recovery Act, the initiative promises to distribute microgrants of $2,500 and $5,000, amounting to a total of $80,000, to qualifying enterprises.
"Access to capital should not prevent anyone from starting and growing a thriving business in Long Beach," remarked Mayor Rex Richardson, as stated by the City of Long Beach. The program, launched by the city's Economic Development Department, intends not only to disburse funds but also to provide technical support for applicants. Entrepreneurs seeking a grant are encouraged, to contact the City's Inclusive Business Navigators who can guide them through the creation of a business plan and counsel on how to invest the grant money effectively.
Director of Economic Development, Bo Martinez, reinforced the city's commitment to nurturing the entrepreneurial spirit. "These grants are an investment in our local entrepreneurs as they launch and grow their small business," Martinez told the City of Long Beach press release, emphasizing that small businesses serve as the cornerstone of Long Beach's vibrant economy. Interested parties have until 5 p.m. on Monday, Aug. 26, 2024, to submit their applications.
The initiative aligns with Long Beach’s broader objectives to encourage racial and economic equity. Tapping into the $20 million allotted by the Long Beach Recovery Act, which seeks to address the economic and public health impacts of the COVID-19 pandemic, the microgrant program especially targets those small businesses and nonprofits that have faced significant adversities during the health crisis.
Further details about the city's latest efforts to support local businesses can be found on the official Long Beach website or by following their updates on social media platforms.
