Economic Opportunity Grant: Empowering Businesses to Thrive and Fuel Economic Recovery 2023/24

Embark on a path to financial recovery and business growth with the Economic Opportunity Grant Program. This comprehensive initiative provides grants of up to $25,000 to microbusinesses, small businesses, and nonprofits adversely affected by the COVID-19 pandemic. Discover eligibility criteria, application procedures, and the transformative impact of this grant in revitalizing your business and contributing to economic prosperity.

The application period for the EOG Program concluded on May 31, 2023. The application may reopen in the future based on program requirements and needs. To stay updated on future opportunities, sign up for updates from the Department of Economic Opportunity (DEO). Additionally, follow @EconOppLA on Twitter, Facebook, and Instagram to be among the first to learn about upcoming programs and resources as they become available.

Details

Deadline: May 31, 2023
Grant Amount: US $2,500 – US $25,000
Fields of Work: Economic Services & Development
Applicant Type: For-profit business, Nonprofit
Funding Uses: Project / Program
Project Location: Los Angeles County, California
Residency Location: Los Angeles County, California

Please note that these details are predictions and subject to change. For precise and updated information, applicants are strongly encouraged to refer to the official grant guidelines and verify the deadline closer to the anticipated date.

Table of Contents

Economic Opportunity Grant Program Overview:

The Los Angeles County Department of Economic Opportunity (DEO) is set to allocate over $54 million through the Economic Opportunity Grants Program (EOG). This initiative will distribute 6,800 grants targeting small and micro businesses and nonprofit agencies, focusing on regions and organizations most affected by COVID-19 in LA County.

The EOG integrates the California Microbusiness COVID-19 Relief Grant with four American Rescue Plan Act (ARPA) grant programs: Keep LA Dining, LA Regional COVID-19 Relief Funds for Small and Microbusinesses, LA Regional COVID-19 Relief Funds for Nonprofits, and Youth Workforce Development Partnerships. The DEO has collaborated with Lendistry to establish the application portal, and outreach and application support will be provided by L.A.’s Small Business Development Centers (SBDCs). SBDC has engaged small, hyperlocal organizations to ensure broader coverage, ensuring that the EOG effectively reaches those most in need of grant relief for post-pandemic recovery.

Economic Opportunity Grant Program Funding Tiers:

Eligible grantees stand to receive varying amounts ranging from $2,500 to $25,000 as part of the phased rollout through the EOG. The distribution is structured as follows:

$2,500 Grants: Aimed at micro-businesses generating less than $50,000 in revenue.
$15,000 Grants: Designed for microbusinesses with revenue under $100,000.
$20,000 Grants: Allocated for small businesses within the $100,000 to $2 million revenue range.
$20,000 Grants: Applicable to small nonprofits with revenue below $1 million.
$25,000 Grants: Reserved for nonprofits with revenue ranging from $1 million to $5 million.

Eligibility Criteria for the Economic Opportunity Grant Program:

Small/micro-businesses and nonprofit agencies meeting the following criteria are eligible to apply:

1. Micro-businesses ($2,500 Grants):

Revenue of less than $50,000 in the 2019 taxable year.
Located and operating in the County of Los Angeles, including the City of Los Angeles.
Five or fewer employees.
Started before December 31, 2019.
Not a recipient of the California Small Business COVID-19 Relief Grant.

2. Microbusinesses ($15,000 Grants):

Revenue under $100,000 in either 2019, 2020, or 2021 taxable years.
Located and operating in the County of Los Angeles, excluding the City of Los Angeles.
Started before December 30, 2021.

3. Small Businesses ($20,000 Grants):

Revenue between $100,000 and $2 million in either 2019, 2020, or 2021 taxable years.
Located and operating in the County of Los Angeles, excluding the City of Los Angeles.
Started before December 30, 2021.

4. Small Nonprofits ($20,000 Grants):

Revenue under $1 million in 2019, 2020, or 2021 taxable years.
Located in Los Angeles County or its incorporated cities (may include the City of Los Angeles).
Started before December 30, 2021.

5. Nonprofits ($25,000 Grants):

Revenue between $1 million and $5 million in either 2019, 2020, or 2021 taxable years.
Located in Los Angeles County or its incorporated cities (may include the City of Los Angeles).
Started before December 31, 2021.

Economic Opportunity Grant Program Update: Phase 2

Completing Phase 1 marks a significant milestone in the Economic Opportunity Grant Program, with award notifications and the transmission of grant awards successfully concluded in July 2023. As they transition into Phase 2, the ongoing review of applications is in progress, and expect award notifications to be issued by September.

To stay informed about the status of your application, keep an eye on your email for communications from us. Additionally, you can conveniently check your application status anytime by logging into the application portal or contacting us at (866) 238-0516.

You are encouraged to explore their FAQs for further insights and information about the Economic Opportunity Grant Program.

If you seek further resources beyond the Economic Opportunity Grants, explore additional support the LA County Department of Economic Opportunity provides. Click here to access various resources, including capital opportunities, rent and mortgage assistance, business technical assistance, workforce development, and more.

Funding for this program is crucial, and there is a possibility that the number of applicants meeting eligibility requirements may exceed available funds. Submission of an application and/or successful validation does not guarantee the receipt of a grant award.

The Review Process

To ensure that Lendistry reviews your Economic Opportunity Grant (EOG) application, it’s essential to complete the following steps in Lendistry’s Portal:

1. Fill in all fields in the application form.

2. Upload all required documents.

3. Verify your bank account.

4. Verify your identity.

Once these steps are completed, a confirmation email from Lendistry at [email protected] will be sent to you, confirming the receipt of your EOG application. If you don’t receive a confirmation email, please check your spam folder for emails from [email protected] and add the email address to your safe sender list.

If additional information or documents are required, Lendistry may contact you via email, phone, and/or text (if authorized) to verify the submitted information. Responding to all requests is crucial to keep your EOG application in the review process.

The application process involves multiple validation stages to determine if you have been awarded an EOG grant. Meeting the program’s minimum eligibility requirements is the initial step but does not guarantee a grant award.

Once deemed eligible, your EOG application undergoes final validation to decide on approval or declination for funding. You must confirm specific information live over the telephone as part of this validation. A Lendistry team member will contact you directly to complete this process.

Upon full validation of your EOG application, Lendistry will email you to notify you whether you have been approved or declined for grant funding.

It’s important to note that funding for this program is limited, and there is a possibility that the number of eligible applicants may exceed available funds. Submitting an EOG application and/or undergoing full validation does not guarantee the receipt of a grant award. Understanding and exploring various resources available for your economic needs are appreciated.

Conclusion

The Economic Opportunity Grant (EOG) Program is a vital initiative dedicated to supporting small and micro businesses and nonprofit agencies in Los Angeles County. With a substantial funding of $54 million, the program aims to uplift those most affected by the COVID-19 pandemic.

Through a phased approach, eligible grantees may receive awards ranging from $2,500 to $25,000. The collaboration between the LA County Department of Economic Opportunity, Lendistry, and the Los Angeles Regional Small Business Development Center Network underscores a commitment to fostering economic recovery. \

While the application period for Phase 1 has concluded, future opportunities may arise, and applicants are encouraged to stay informed through official channels. The EOG provides financial assistance and serves as a beacon of hope and resilience for the local business community during challenging times.

FAQS

1. How much is the EOG grant in California?

The Economic Opportunity Grant (EOG) in California is a $54 million grant program for small and microbusinesses and nonprofit agencies in Los Angeles County. The program prioritizes support for the county’s most COVID-impacted regions and organizations.

Eligible grantees have the potential to receive grants ranging from $2,500 to $25,000. The grant amount is based on the type and size of the business or nonprofit to provide meaningful financial assistance to aid in economic recovery from the impact of the pandemic.

2. What is the Economic Opportunity Grant (EOG) program?

The Economic Opportunity Grant (EOG) is a substantial $54 million grant initiative to support small and microbusinesses and nonprofit agencies in Los Angeles County. The program prioritizes assisting the regions and organizations most severely impacted by the COVID-19 pandemic.

Eligible grantees participating in the EOG program can receive grants ranging from $2,500 to $25,000. The Department of Economic Opportunity (DEO) has collaborated with Lendistry to establish the application portal to streamline the application process and ensure effective outreach. The Los Angeles Regional Small Business Development Center Network (LA SBDC) also provides outreach and assistance throughout the application process. This strategic partnership aims to facilitate accessibility and support for businesses and nonprofits seeking relief through the EOG program.

3. Can I still apply for the Economic Opportunity Grant (EOG) program?

The application period for the EOG Program concluded on May 31, 2023. While the application process is currently closed, there is a possibility that it may reopen in the future, contingent upon the program’s evolving needs. To stay informed about any potential updates or future opportunities, you can sign up to receive notifications from the Department of Economic Opportunity (DEO). Additionally, you can follow the Department of Economic Opportunity on Twitter, Facebook, and Instagram under the handle @EconOppLA for real-time updates and insights into upcoming programs and resources. This will ensure you are among the first to learn about any upcoming initiatives or resources from DEO.

4. If the application reopens in the future, where can I get help to complete it?

For additional information, please visit the EOG website at www.grants.lacounty.gov or the EOG Application Assistance Center at 833-364-7268.

5. Who do I contact if I believe I was denied wrongly?

If you have any questions regarding the status of your application or if you received an email regarding a denial in error, please contact EOG Tech Support promptly at (866) 238-0516. Our support team is available Monday to Friday from 7 am to 7 pm PST. On August 23, 2023, some applicants may have received an email incorrectly indicating a denial due to potential documentation inconsistencies. If you received this message in error, a follow-up communication was sent to clarify the mistake, and we apologize for any inconvenience caused. For further assistance, please call (866) 238-0516.

6. Where can I check the status of my EOG Application?

To check the status of your application, you can log in to the portal at lacountyeog.mylendistry.com. Additionally, you may contact the EOG Tech Support line at (866) 238-0516 for assistance. Stay informed about your application status using the online portal or contacting our support team.

7. How would I know if my application got submitted?

Upon submitting your EOG application, you should receive a confirmation email from [email protected] confirming that your application has been received. If you haven’t received this confirmation, please check your spam folder for emails from [email protected] and ensure the email address is added to your safe sender list. It’s crucial to promptly respond to requests to facilitate your EOG application’s review process.

8. Will I get disqualified for not having a bank account?

While not disqualifying you, it’s essential to note that you’ll need to open a new bank account in your name. To receive EOG funds, if awarded, you must provide a letter from the bank confirming that the account is open and belongs to you. If you encounter any questions or challenges during this process, please contact the EOG Tech Support line at (866) 238-0516 (Monday – Friday, 7 am – 7 pm PST). They are available to assist you.

9. If awarded the EOG fund, do I need to repay it?

No, the EOG is a grant and not a loan, meaning it does not need to be repaid. However, it’s important to note that, as a grant, it may be considered taxable revenue. Grant recipients are advised to consult a tax advisor for tax implications.

10. What do I need to review my application?

To ensure your EOG application undergoes the review process, make sure to complete the following steps in the EOG Portal: