Photo: Luis Alvarez / DigitalVision / Getty Images
LOS ANGELES (CNS) - Businesses that have been an integral part of their communities for more than 20 years will be able to apply for various benefits under a new city program starting Thursday, Los Angeles City Councilman Curren Price's office announced Wednesday.
The Legacy Businesses Program is an initiative designed to recognize, support and sustain small businesses. City officials said the program represents a significant commitment to preserve the unique character and resilience of its small business community.
Long-standing L.A. businesses can apply starting Thursday to be selected as part of the Legacy Business Registry, and become eligible to receive a variety of benefits.
Price first proposed the program in 2019 to support enduring establishments citywide. Following years of advocacy, the program is coming online with the help of Mayor Karen Bass and the oversight of the city's Economic Workforce Development Department.
"Gentrification poses a threat to not only renters but also to our beloved neighborhood small businesses that are institutions in our communities," Price said in a statement.
He added, "The threat of displacement faced by small businesses is compounded by the lack of protections, which disrupts the fabric of neighborhoods and erases the essence of our city's identity."
The program will offer three key services -- providing access to capital, technical assistance and promotional activities.
Eligible businesses will also be able to apply for grants up to $20,000, though the application for the funding will open later this year. Priority will be given to businesses facing challenges such as gentrification, steep lease increases and other threats to their sustainability.
The program will provide resources and support, focusing on operational and technical challenges like retirement, legal consultation, lease negotiation and financial counseling. Promotional activities will include social media assistance, revamping websites and partner outreach.
Businesses with a storefront that have operated in the same community for 20 years or more within the city are eligible to apply. The online application and details are available on the city's Economic and Workforce Development website at http://bit.ly/LAlegacy.