LISC Rapid Relief and Resiliency Fund for Massachusetts - Overview

Rapid Relief and Resiliency Fund for Massachusetts

Kingdom Print Shop in Lawrence, MA Recipient of a LISC small business recovery grant.

Rapid Relief and Resiliency Fund for Massachusetts

Rapid Relief and Resiliency Fund for Massachusetts

About Local Initiatives Support Corporation LISC is one of the country’s largest community development support organizations, but we have deep local roots, having invested more than $300 million in Massachusetts communities over 35 years.

We prioritize equity in our investments, from affordable housing and quality schools to growing business and connecting community with financing, technical assistance and resources to build capacity and stability.

Rapid Relief and Resiliency Fund for Massachusetts

LISC’s Response to COVID-19 in Massachusetts While everyone is affected by COVID-19, LISC is unapologetically focused on mitigating the effects of the crisis on underserved people and organizations, who have been hit hardest by the pandemic and its economic effects. LISC is driving four critical solutions for small businesses hurt by COVID-19.

 Emergency Grants  Technical Assistance  Flexible Financing for Recovery  Economic Stability and Housing Affordability We prioritize minority- and women-owned and led enterprises and enterprises serving low-income communities, as well as the organizations and networks that support them.

Doris Montoya of Doris’s Peruvian Pastries in Marlborough received a LISC emergency grant.

Rapid Relief and Resiliency Fund for Massachusetts

Our Approach: Leveraging Resources to Build Capacity and Drive Impact LISC’s Rapid Response and Recovery Fund for Massachusetts includes a number of responses to COVID-19. But our programs are all delivered in a manner that builds the capacity of the small business and community development ecosystems.

Education, Policy and Advocacy

Technical Assistance

Emergency Grants

Financing for Recovery

Ecosystem Building

We are reflexively committed to working in ways that leverage effective tools across many organizations and providers. We believe in crowd-sourcing solutions and sharing them broadly. By building strong partners and coalitions, we leverage resources for greater impact.

Rapid Relief and Resiliency Fund for Massachusetts

Small Business Recovery Grants To date, LISC has made emergency funding available to approximately 140 small businesses in Massachusetts, to cover emergency needs in the wake of COVID-19.

Program Ovevew

“This money will help me rebuild and pivot my business.�

Glass artist Tomoko Takai Owner of Supercooled in Worcester and a LISC grantee.

Rosana Rivera, owner of Latino Beauty Salon in Lawrence, recipient of a LISC Recovery Grant.

Rapid Relief and Resiliency Fund for Massachusetts

Small Business Recovery Grants LISC’s grant program for Massachusetts businesses is prioritizing minority- and women-owned businesses, businesses from Gateway Cities, veteran and LGBTQ+-owned businesses,Program and businesses working with 79 local business support partners. Applications were translated into Ovevew nine languages and advertised in advance to increase access.

Employees of GreenLove EcoCleaning in Northampton, recipient of a LISC Small Business Recovery Grant. GreenLove is converting to employee ownership.

“I couldn’t give up on the business. We give it all we have, because it’s what we’ve got.”

Cathy Fana, Cocoa’s Café in Lawrence

Rapid Relief and Resiliency Fund for Massachusetts

Technical Assistance: The Beyond Six Feet Apart Accelerator LISC Boston is piloting an accelerator program to assist minority owned businesses to get back to work safely and strategically in the wake of COVID-19.

Program

Overvew

Marvelous Barber Lounge in Brockton and Mei Mei Restaurant in Boston – minority-owned businesses closed by COVID that are building a reopening strategy through the Beyond Six Feet Apart Accelerator. Mei Mei was also a recipient of a LISC Small Business Recovery Grant.

Rapid Relief and Resiliency Fund for Massachusetts

Technical Assistance: The Beyond Six Feet Apart Accelerator The Beyond Six-Feet-Apart Accelerator takes minority-owned businesses in four sectors through a five-step approach to create a new strategic and safety plan.

Food & Beverage Retail

Professional Services

Food and Beverage

Personal Services

Shown are B6FA clients Intriguing Hair in Hyde Park, the Loop Lab in Cambrige, Tanam in Somerville and Marvelous Barber Lounge in Brockton.

Strategic Direction

Identify Personas

Map unsafe journey

Make safe journey

Implementation Plan

Rapid Relief and Resiliency Fund for Massachusetts

Technical Assistance: The Beyond Six Feet Apart Accelerator LISC partnered with the IXL Center to create an innovative, digitally-enabled audit and planning tool that can be scaled for use by other providers. IXL is a global innovation company with a unique roots in business consulting and education. MBA students trained and supervised by IXL provide consulting services to clients to create a plan for a safe, strategic reopening.

Making Sense of Reopening

Purchasing PPE

“This program challenged us to rethink how to make our business Legal Issues safe for our • Contract & Lease Issues customers.“

• MA Reopening • Supplier from Guidelines BECMA’s Protect • Employment &Owner of Esteem Hair MA PPE • Local Guidance & HR Issues IXL Managing Director Hitendra Patel gives a TEDx talk about democratizing innovation.

Marketplace Regulations • Insurance & • Merrimack Liability Valley Bulk • Intellectual Purchase Model Property

Rapid Relief and Resiliency Fund for Massachusetts

Technical Assistance: Weekly Webinars on Reopening Topics Weekly expert webinars facilitated by LISC explore practical challenges to be incorporated into every business’s reopening plan. Business owners and experts discuss and devise real solutions in real time, as we move through the phases of reopening.

Making Sense of Reopening

Legal Issues

Financing Your Plan

• Contract & • MA Reopening Lease Issues • Grants, Loans and Guidelines • Employment & Other Capital • Local Guidance & HR Issues Sources Regulations • Insurance & • Leveraging Liability Partnership Sessions are open to the public, with recordings, resources and takeaways shared broadly on • Intellectual LISC’s website and with members of the business support network. Other TA providers network Property

have been invited to audit the program to provide feedback and leverage learning.

Rapid Relief and Resiliency Fund for Massachusetts

Technical Assistance: The Massachusetts Equitable PPP Access Initiative Most minority-owned businesses were shut out of the first $400 billion of aid under the Federal Paycheck Protection Program (PPP).

When additional funds were appropriated, LISC and our partners resolved to make the program accessible. LISC built a technical assistance operation over a weekend.

More than 760 minorityowned businesses have received technical assistance so far, with 247 receiving forgivable PPP loans through the Equitable PPP Initiative.

Program Ovevew

The Massachusetts Equitable PPP Access Initiative assisted legendary jazz club Wally’s Cafe to obtain a forgivable loan through the SBA’s Paycheck Protection Program.

Rapid Relief and Resiliency Fund for Massachusetts

Ecosystem Building: The Massachusetts Equitable PPP Access Initiative

This initiative led to unprecedented collaboration by over 40 organizations. LISC and other leaders of this coalition are charting a strategy to build a more fertile minority business ecosystem on this foundation, to tackle systemic inequities together and leverage greater collective impact.

Rapid Relief and Resiliency Fund for Massachusetts

Economic Stability and Housing Affordability COVID-19 has led to record unemployment and laid bare the fact that Black and Latinx people disproportionately make up our essential workforce, but also bear the worst impacts of the pandemic and the economic crisis it has caused. A strong moratorium on evictions and foreclosures has staved off housing instability temporarily, but many more will need help to maintain housing and economic stability once it expires.

Boston Builds Credit LISC and our partners are seeding financial stability and wealth building in underserved communities in Boston through credit building and protection, financial coaching for entrepreneurs and by paving pathways to financial empowerment for affordable housing residents, including the Family Self Sufficiency program and on-time rent reporting.

Bridges to Career Opportunities LISC and its partners are providing recovery grants to nonprofits operating financial opportunity centers and working to build training options for workers whose jobs are not coming back.

Housing Finance and Capacity Building LISC seeks to tackle housing affordability crisis by financing community-based developers, convening stakeholders through our Next Level Housing Solutions series and developing innovative programs, particularly for minority homeownership, tenant protection, housing stability for men of color, community ownership models and building capacity of community-based and minority-led organizations.

Rapid Relief and Resiliency Fund for Massachusetts

The Fund’s Impact to Date LISC has raised or committed $2 million to date to support COVID-19 relief efforts in Massachusetts. Nearly 1,000 organizations, most small businesses, have been assisted by LISC and our partners.  140 Small Business Recovery Grants  950 Minority-owned Businesses Received Technical Assistance

 370 Minority-owned Businesses Received Forgivable PPP Loans  47 Minority-owned Businesses have Planned for a Safe, Strategic Reopening Using a Scalable Digital Tool and a Consulting Team

 10-14 Nonprofit Partners to Receive Recovery Grants

Rapid Relief and Resiliency Fund for Massachusetts

Here are some ways to partner with LISC through the Rapid Relief and Resiliency Fund.

The Work Ahead: Small Business

Beyond Six Feet Apart Accelerator • Fund reopening expenses for businesses who are unable to obtain financing for their plan.

• Fund the next cohort of businesses seeking support to pivot their business strategically and safely.

Capital Access for Minority Businesses • Sponsor targeted emergency grants for Black- or minority-owned businesses or businesses in a particular district.

• Seed a guaranty fund or credit enhancement pool to bridge historic capital gaps widened by COVID-19, or make an impact investment in a minority-owned business equity fund.

Bridging the Digital Divide • Support LISC’s work to develop scalable ways for small businesses to build their digital competency.

• Fund digital consulting services to support the stabilization and growth of small, minority-owned businesses.

"It's scary for any business owner when you've worked so hard to get established and then something like this happens - but even more so when you are minority-owned or in a lowincome neighborhood, relief may never come."

Euan Davis of Barbertime Media Network of Boston.

Rapid Relief and Resiliency Fund for Massachusetts

Here are some ways to partner with LISC through the Rapid Relief and Resiliency Fund.

The Work Ahead: Economic Opportunity and Housing Affordability COVID-19 Distressed Property Fund • Support affordable housing properties that have been destabilized by COVID-19 due to tenant unemployment, small business closures and increased property costs.

Enabling Property Acquisitions • Invest in the acquisition of properties to make or keep them affordable and/or available for other community use, particularly in neighborhoods and buildings destabilized by COVID-19 and facing displacement.

Wealth Building Strategies • Build and grow financial coaching and economic empowerment for residents of affordable housing.

• Seed an impact fund to invest alongside first time homebuyers of color, help them purchase homes in high cost markets and enable them to build equity.

• Invest in retraining displaced workers for employment in growing fields like health care and tech through LISC Financial Opportunity Centers and Bridges to Career Opportunities programs.

Building Capacity of Minority Developers • Design and launch a training and capacity building program to cultivate, train, mentor and advance the careers of people of color as development professionals and owners of development companies working on affordable housing and/or community economic development projects.

Rapid Relief and Resiliency Fund for Massachusetts

Investment/Partnership Opportunities You can do something to address the devastating impacts of COVID-19.

You can do something to work against the impacts of structural racism.

Join us to create economic opportunity and build pathways to prosperity for underserved people, organizations and communities.

Double Your Impact.

Donors supporting programs that build the capacity of community development corporations responding to the crisis in their communities may be eligible for a 50% Community Investment Tax Credit (CITC), to the extent of available credits.

Tevin Charles of Big Wave in Cambridge, Ahmed Yusef of Doaa Tailor Shop in Worcester, and Chu Ling of Chu Ling Dance Studio of Boston are all recipients of LISC Small Business Recovery Grants.