An investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses and nonprofits facing immediate financial threat because of the COVID-19 pandemic. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital. The grant can be used for paying rent and utilities, meeting payroll, paying outstanding debt to vendors, and other immediate operational costs.
Verizon will highlight and bolster these efforts through their inaugural “Pay It Forward Live” online concert series. The concert series will be used to raise additional support for the Small Business Recovery Fund. Here’s how it works:
- Tune into the concert at 8 pm ET every Tuesday and Thursday on: @verizon’s Twitter, Yahoo, Twitch, and Fios Channel 501. The next concert is on Tuesday, 4/7!
- During the livestream performance, tweet and mention a business you want to support (doesn’t have to be an @ mention as some businesses may not have twitter accounts). Each tweet MUST include the official hashtag #PayItForwardLIVE.
- For every tweet that includes a small business name and the #PayItForwardLIVE hashtag, Verizon will donate $10 to LISC (up to $2.5M on top of the $2.5M already committed).
The first round of grant applications was due on Saturday, April 4th. Another round is expected to begin in mid-April. Click here for more information. Click here to sign up to stay updated about the fund