Minorities, women, immigrants eligible for small-business grants
INDIANAPOLIS (WISH) — The coronavirus has created a lot of financial concerns for small-business owners.
But now, they could see some relief. Starting Tuesday, Local Initiative Support Corp., known by the acronym LISC, will open applications for a new $5,000 grant.
The grant is going to specifically be for minorities, women and immigrants who are small-business owners. Small businesses create many local jobs; making sure they can stay afloat is important to a thriving economy.
Business isn’t booming for a lot of homegrown businesses in the Circle City. But, small-business owner Martina Jackson of Drea and Co., a interior design and photography studio, said it’s a part of the process.
“I think that’s one great thing about being an entrepreneur is that we go through so many ups and downs in so many challenges that we were kind of forced to stay on our toes,” Jackson said.
But, COVID-19’s impact hits a bit harder than usual; it tests your grit.
“Do I want to let this ‘take me under,’ for lack of a better word? Or is there a way we can still come out stronger, keep fighting and think how can we make it through this?” Jackson said.
It’s businesses such as hers and those of other minorities, women and immigrants that could qualify for the the LISC’s $5,000 grants. Organizers said financial support and loan opportunities have been hard to reach for small businesses, women, minorities and immigrants.
“Historically, we know that a lot of economic development opportunities and programs that just have existed that helps small businesses can leave that particular group out,” said Emily Scott with LISC.
LISC typically works with small businesses of all kinds, and representatives said it’s the small businesses that help shape the community and economy.
“A number of small businesses don’t make it through their first year but they also have the greatest opportunity to create jobs,” Scott said. “And also keep money in the local economy and create jobs that are accessible for people.
The application takes about 10 minutes. It’s a welcome relief for Jackson, who said waiting for grant applications to go through at times can be tough.
If you aren’t selected for a grant, LISC offers other services for small business.