The City Council approved a motion championed by Councilmember Price, which will establish the Los Angeles Legacy Business program. This program includes the use of funds to help Legacy Businesses negotiate long-term lease agreements with their landlords. The Economic and Workforce Development Department (EWDD) will create a Legacy Business Registry and give prioritization for inclusion on the registry to businesses that face an imminent threat of displacement and are located in low-income communities (defined as those with median incomes under 50 percent Area Median Income).
EWDD will deploy up to $3,682,310 million in grants to support up to approximately 245 businesses throughout the city. Each Council District will have a minimum of ten (10) businesses that receive Legacy Business Assistance Grants. Grants of up to $20,000 will be awarded to eligible Legacy Businesses. For legacy businesses with one to five employees the grant amount of $10,000 will be provided. Grant amounts of $20,000 will be provided for Legacy Businesses with six or more employees.
A “Legacy Business” will be defined as a business that has been in operation for 20 years or more within the same community, and meets three of the following four criteria:
1. Contributes significantly to its community’s history or identity.
2. Sustains and cultivates distinctive cultural traditions or practices.
3. The business is not franchised or affiliated with a national corporate chain.
4. Provides vital goods and services in a language and manner that is culturally accessible to the community.