Economic Mobility Initiative
ECONOMIC OPPORTUNITY
2.1 Small Businesses, Entrepreneurs, and Nonprofits
Federal Expenditure CategoryHousing Support: Other Housing Assistance
09/15/2023
Anticipated End Date12/30/2024
Project Contacts
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Felipe Moscoso
Indicators & Metrics to Date
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Number of Households Receiving Eviction Prevention Services (Including Legal Representation)0
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Number of Affordable Housing Units Preserved or Developed0
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% of businesses demonstrate an increase in annual revenue after one year0
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The # of BIPOC and/or women entrepreneurs and small businesses outreached to to enroll in the Entrepreneurship Academy0
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% of participants that receive support through at least two spokes to remove any barriers to startup and/or growth0
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# of unique businesses going through initial intake and consultation for employee ownership13
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# of unique businesses assessed for employee ownership financial viability4
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# of Enrolled Feasibility Clients2
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# of enrolled transition clients0
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Finalized agreement for networking and mentorship0
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# of program participants access to mentorship and networking structure0
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Finalized agreement for certification and contracting0
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# of program participants that have access to certification and contracting program0
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# of program participants will have access to certification and contracting program.0
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Finalized agreement for one-on-one counseling0
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# of program participants that will access to one-on-one counseling0
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Finalized agreement for a social enterprise start up and development program0
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# of participants that will have access to the social enterprise start up and development program.0
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Finalized agreement for a social enterprise capacity building program0
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# of participants that will have access to the social enterprise capacity building0
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Finalized agreement for a tenant improvement and working capital fund0
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# of participants that will have access to the tenant improvement and working capital fund0
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# of participants that will use the tenant improvement and working capital fund0
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Finalized agreement for an investment fund0
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# of participants that will have access to the investment fund0
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# of participants that will use the investment fund0
Target Populations
- Small Businesses
Project Description
Small businesses are the backbone of our communities. They are pathways to opportunity and wealth for both owners and their employees. Research has shown that small businesses are more likely to hire diverse, local talent and economically uplift their communities. Many small businesses were impacted by the onset of the COVID- 19 Pandemic. A summary of the impact can be seen in a report titled, “Pathways for Economic Resiliency: Los Angeles County 2021-2026” commissioned by the Los Angeles County Department of Workforce Development Aging and Community Services (WDACS) (now Los Angeles County Department of Economic Opportunity) and drafted by Los Angeles County Economic Development Corporation (LAEDC). The report noted that nearly half of all small businesses were closed in mid-April of 2020 and even by November there were still a 28.6% decline in the number of small businesses open in Los Angeles (“Pathways for Economic Resiliency: Los Angeles County 2021-2026”). These challenges were compounded by the unequal access to aid programs in the first few months of the pandemic. Small businesses that were able to receive aid were ~500+ employees (the maximum staff size to qualify as a small business). These businesses on average have greater access to resources and greater familiarity with applying for financial assistance programs. The report also revealed that small businesses owned by marginalized community members were disproportionately impacted by the Pandemic. The LAEDC report reaffirms the need to support small businesses, with a focused attention on those led by communities of color and women. The Economic Mobility Initiative (EMI) strives to provide support to historically disinvested communities, specifically women-led and/or Black Indigenous People of Color (BIPOC) -led small businesses, who were hardest hit by the pandemic. The program will create a central hub for all programs and several spokes that will fall under the hub. The four main spokes are categorized as: Spoke 1: Entrepreneurship Academy (Education and Information) Spoke 2: Networking and Mentorship Spoke 3: TA and Training Spoke 4: Capital Access The program will tackle barriers to growth and enable long-term economic success by holistically supporting women-led and/or BIPOC-led businesses. Ultimately, the Initiative aims to increase the economic prosperity and wealth of historically underserved communities which have been hardest hit by the pandemic.
Goals & Objectives
Indicators
# | Type | Name | Baseline | Target |
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9 | Performance | Finalized agreement for networking and mentorship | 0.00 | 1.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
10 | Program Outcome | # of program participants access to mentorship and networking structure | 0.00 | 500.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
5 | Service Delivery | # of unique businesses going through initial intake and consultation for employee ownership | 80.00 | 100.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
11 | Performance | Finalized agreement for certification and contracting | 0.00 | 1.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
14 | Performance | Finalized agreement for one-on-one counseling | 0.00 | 1.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
16 | Performance | Finalized agreement for a social enterprise start up and development program | 0.00 | 1.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
18 | Performance | Finalized agreement for a social enterprise capacity building program | 0.00 | 1.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
6 | Program Outcome | # of unique businesses assessed for employee ownership financial viability | 15.00 | 25.00 |
Indicators
# | Type | Name | Baseline | Target |
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7 | Program Outcome | # of Enrolled Feasibility Clients | 8.00 | 10.00 |
Indicators
# | Type | Name | Baseline | Target |
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8 | Program Outcome | # of enrolled transition clients | 3.00 | 6.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
13 | Service Delivery | # of program participants will have access to certification and contracting program. | 0.00 | 500.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
15 | Program Outcome | # of program participants that will access to one-on-one counseling | 0.00 | 500.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
17 | Program Outcome | # of participants that will have access to the social enterprise start up and development program. | 0.00 | 500.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
20 | Performance | Finalized agreement for a tenant improvement and working capital fund | 0.00 | 1.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
1 | Performance | Finalized agreement for an investment fund | 0.00 | 1.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
2 | Program Outcome | # of participants that will have access to the tenant improvement and working capital fund | 0.00 | 500.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
1 | Program Outcome | # of participants that will use the tenant improvement and working capital fund | 0.00 | 100.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
1 | Program Outcome | # of participants that will have access to the investment fund | 0.00 | 500.00 |
Indicators
# | Type | Name | Baseline | Target |
---|---|---|---|---|
1 | Program Outcome | # of participants that will use the investment fund | 0.00 | 100.00 |