Photo credit Source : smdp.com
$4.1 Million Grant Program Launched to Support Entertainment Industry Small Businesses in LA County
Los Angeles County Launches $4.1 Million Grant Program to Support Small Businesses Affected by Hollywood Double Strikes
Los Angeles County has announced a new $4.1 million grant program aimed at providing relief to small and micro businesses in the entertainment industry that have been impacted by both the COVID-19 pandemic and the 2023 Hollywood Double Strikes. The Entertainment Business Interruption Fund (BIF) is funded by the American Rescue Plan Act (ARPA) and will offer grants of either $10,000 or $25,000 to qualified businesses.
The entertainment industry in Los Angeles County is a major economic driver, employing over 1 million workers and generating billions in revenue before the Strikes hit in 2023. The prolonged strikes by the Writers Guild of America (WGA) and the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) had a significant impact on production, leading to economic challenges for many small businesses that support the industry.
To be eligible for the BIF grants, businesses must be for-profit entities with annual gross revenue of $3 million or less, with at least 70% of their revenue coming from the entertainment industry. They must also have experienced economic impacts from the COVID-19 pandemic from March 2020 to the present. The deadline to apply for the grants is May 24, 2024, at 5pm.
Chair Lindsey P. Horvath of the Los Angeles County Board of Supervisors emphasized the importance of supporting small businesses that are vital to the entertainment industry. The County Film Office, in partnership with Lendistry and Small Business Development Centers, will administer the grants and provide application assistance to applicants.
The Business Interruption Fund aims to help small businesses recover from the financial setbacks caused by the Strikes and the pandemic. The grants will be awarded based on revenue size, with businesses falling within different tiers of vulnerability and recovery index being considered for funding.
The launch of the Business Interruption Fund was held at History for Hire, a family-owned prop house in North Hollywood, where over 35 small businesses applied for the grants on-site. The program is seen as a crucial step in supporting the local businesses that are essential to the entertainment industry and the overall economy of Los Angeles County.
Small businesses in the entertainment industry play a vital role in keeping productions running smoothly, and the BIF grants aim to provide them with the support they need to bounce back stronger. The program has been welcomed by industry leaders and stakeholders who recognize the importance of investing in the businesses that make Hollywood thrive.
For more information and to apply for the grants, businesses can visit grants.lacounty.gov. The deadline for applications is fast approaching, so eligible businesses are encouraged to apply soon to access this much-needed financial assistance.
