$475 million of funding administered by the California Office of the Small Business Advocate will be distributed by Lendistry as the Intermediary, with certain third-parties designated by Lendistry to provide additional support (“Partners”).
Anticipate issuing grants in the following two (2) rounds of distributions:
- Round 1 – approximately $237.5 million
- Round 2 – approximately $237.5 million
The program is not on a “first come, first served” basis.
The application portal for each round will open for applicants for a designated period of time determined by Lendistry. Partners will conduct outreach and marketing to ensure small, vulnerable and disadvantaged businesses and nonprofits have access to the grant application platform. Partners will provide technical assistance to business owners and nonprofits (to include translation/interpretation services) during application preparation and online submission.
Once applications are received, Lendistry will process for eligibility. Once rounds close, grant awards will be distributed based on the program priority factors.
A committee of internal Lendistry team members will confirm the scorecard creation and geographical distribution based on program priority factors, including the COVID health and safety restrictions following California’s Blueprint for a Safer Economy, local county status and the new Regional Stay At Home Order which can be found at: https://covid19.ca.gov/safereconomy/.
If demand for grants from small businesses and nonprofits meeting the prioritization criteria exceeds available funding, priority factors will be assessed.
Applications received in each round will be processed in two (2) stages:
- Stage 1: Applicants upload selected financial documents, identification documents and a business certification regarding accuracy and truthfulness of information submitted.
- Stage 2: Eligible applicants will be requested to provide additional documentation for grant disbursement.
Lendistry will distribute grants on behalf of the State of California to approved small businesses and nonprofits.
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