LISC ABC Growth Capital Request For Information Part I - Round 2

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Growth Capital LogoTerms & Conditions

Please see fact sheet and FAQ linked below for this program:


 

Businesses may apply once for this round and for one business only. Only qualified businesses are eligible. Eligibility is based on accurate and complete submissions.


Only for-profit entities based in the County of Los Angeles are eligible for the capital. Sole proprietors and non-profit organizations are not eligible. Businesses must be in operation for at least two years demonstrated through at least two years of business tax returns.

 

The program will focus on serving businesses based in historically under-served areas of the County of LA, businesses that create quality jobs, and businesses that have a high community impact.

 

If your business is selected for further review, you will be notified via email. Being selected for further review does not guarantee an investment will be made. Additional documentation will be required. This due diligence inquiry may include a background search that LISC will conduct at our expense. If the business is selected for investment, we will ask for W-9 and appropriate banking information so that we may transfer funds by ACH to your designated account.

All taxes associated with the acceptance of these funds are the sole responsibility of the individual business recipient.  Recipients are advised to consult with their own tax professionals and/or legal counsel to ascertain tax impact of any funds distributed. LISC will issue a Form 1099 for any forgiveness issued at $600 or above.

 

Privacy: Information provided through this process is the responsibility of each business. Information submitted to the portal remain confidential to the general public and any fellow businesses. Businesses will not hold LISC, Wells Fargo Bank, or either of their respective affiliates, and/or their affiliates’ respective members, partners, officers, employees, and agents liable for any losses, damages, costs, or expenses of any kind relating to the use or the adequacy, accuracy, or completeness of any information loaded in the form. For further information please see LISC’s privacy policy. Data entered on this secure form utilizes Form Assembly.


Conflict of Interest: Current directors, officers, employees and contractors of LISC or Wells Fargo Bank and such individuals' family members (spouse, parents, children, grandchildren, great-grandchildren, and spouses of children, grandchildren, and great-grandchildren) may not be eligible to receive funding.

 

Publicity: If selected for investment, please be advised that the business’  information, name, statements, and other information provided during the investment process may be used for promotional purposes in all forms and media and the business may be contacted by LISC and/or the program sponsors for such purposes. Businesses grants to LISC and the program sponsors a perpetual license to use such information without additional compensation (except where prohibited by law), and without any right to review and/or approve such content. Until notified, businesses must agree not to share any submission status publicly, including but not limited to all social media platforms, news media, or local publications.


Monitoring: LISC will monitor and conduct evaluation activity funded by the LISC Growth Capital Program. This will involve the bi-annual collection of data on a template provided by LISC. 


Submission Guidance: LISC cannot accept changes to your responses once it has been submitted, so please review it carefully. Your work may not be saved if you leave the web page before submitting this request for information. You may also lose your work if your internet is disconnected, or as a result of other potential web browser issues.

 

You will see a confirmation page after successful submission. 



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Eligibility Requirements
Qualifying businesses must be for-profit entities that have filed as
corporations, limited liability companies, or partnerships, and meet the below criteria.


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Lead Business Owner Information











Address
Primary Business Address 
  • For businesses with multiple locations, enter the address of the highest grossing location. 
  • If the business is mobile (food truck, fishing boat, etc.) provide the address where the vehicle is stored during non-business hours.



Additional Business Information









Socioeconomic Data

LISC is a nonprofit organization that is generally exempt from taxation under Section 501(c)(3) of the Internal Revenue Code and was formed to further charitable purposes. The below questions seek to determine how your business’ participation in this program furthers LISC’s charitable mission. Providing demographic information is optional, and you are under no obligation whatsoever to provide such information.  Your responses will help us be responsive to government and private funders, who are increasingly asking for this information and promote our own accountability to LISC’s goals and mission where we aim to scale proven solutions, seed new ideas for closing racial health, wealth, and opportunity gaps and build the capacity of our partner organizations to do so. If you are comfortable, please respond to the questions below.

 

Information provided through this questionnaire process is the responsibility of each applicant. Questionnaire submitted to the portal remain confidential to the general public and any fellow applicants. Applicants will not hold LISC or, its affiliates, members, partners and staff liable for any losses, damages, costs, or expenses, of any kind relating to the use or the adequacy, accuracy, or completeness of any information loaded in the form. 

 

The next portion of the survey requests socio-economic data. Please provide information based on how you self-identify. 











Business Information

Business Information






Loan Information
Potential Loan Uses: This capital is to be used for the purchase of a business asset that will directly result in an increase in revenue for the business. Eligible business assets include the following:

  • Purchase of machinery, equipment, new or updated technology
  • Inventory
  • Leasehold improvements (not to exceed $100,000)
Eligible business assets should range from $50,000 - $250,000. A comprehensive cost comparison analysis will be conducted if your loan request is selected for further review. 

Some key points to be aware of:
1. Total loan request should be no greater than $250,000. If seeking funding for tenant improvements, the total budget for those tenant improvements should not add up to more than $100,000. 

2. Total loan amount should not exceed 25% of annual sales as established by previous years’ tax returns. The 25% sizing can be based on projected annual sales if the business has new contracts and reasonable growth is expected.
2. Growth Capital can only be used for machinery, equipment, new or updated technology, inventory, or small leasehold improvements.
3. Ineligible uses of this capital include anything not listed in point #2 above. Therefore, costs like hiring, bills, rent, marketing, or other working capital are not eligible for funding. 

4. Please note that amounts requested will be underwritten and based on analysis of business historic financials, substantiated projections, appropriate debt coverage ratios, and other underwriting standards as applicable to the industry.  In addition, ultimate award sizes are based on funder requirements, program parameters, available funds and other criteria as determined by LISC.







Additional Information






Uploads
Please upload the following required business documentation:
10. Please upload your supporting application materials below. You will be required to upload the below list of documents. When uploading documents, kindly name the documents with the following format: LAST NAME OF APPLICANT_DOC NAME.

Your application will not be considered complete until you upload these documents. Your supporting documentation will be stored in Box in order to protect your Personal Identifiable Information (PII) and maintain security. When uploading documents, kindly name the documents with the following format: DOC NAME_LAST NAME OF APPLICANT). 

Please confirm that your uploads are not password protected.

  1.  Business financials for prior 2 years: 2021 and 2022 business tax returns.
     
    If your business has or is an affiliate, please upload business financials of Affiliate Company (minimum 2 years).
  2. Income Statements & Balance Sheets: 2021, 2022 and year-to-date 2023 (if available)
  3. 2 years of personal tax returns: Upload most recent 2 years of personal tax returns for all business owners with 20% or greater ownership interest.
  4. Debt schedule: Include both personal and business debts (template linked here)
  5. Articles of Incorporation: Upload the Articles of Incorporation for the business. Sole Proprietors are not eligible to receive funding.
















Additional Documentation

Businesses selected to advance past intake will be assigned a free Technical Assistance provider to provide the documents listed below. We encourage every business to gather these documents, and make sure they are active and in good standing with the related government entities.

  • Income Statements (Profit and Loss Statements) for 2022, 2023 and year-to-date 2024
  • Refined Balance Sheets (Assets & Liabilities) for 2022, 2023 and year-to-date 2024 (if applicable)
  • Financial Projections for the upcoming 5 fiscal years
  • Accounts Payable/Receivable aging report
  • Business Plan
  • Refined Business Debt Schedule (if applicable)
  • Detailed line item budget for the growth capital investment.
  • Active Local Business License
  • Personal Financial Statement: Template to be provided
  • Resume of all business owners: Upload a resume or CV of all business owner
  • Job supplement: Template to be provided
  • Contracts: provide copies of any new or existing contracts that substantiate the requested loan amount.
  • California Certificate of Good Standing

  • Legal Formation Documents, Articles of Incorporation, Corporate Bylaws and/or Partnership Agreements
  • Letter of Support from a technical assistance provider that speaks to the business' ability to meet revenue growth metrics outlined in the project cash flow.
  • Quotes for purchases/purchase orders/invoices (if applicable)


Submission

Final Step: Please review the information below, e-sign and submit your responses:

Thank you for completing this request. Please click 'Submit' below to complete your submission. 

 

If your business is selected for further review, you will be notified via email. Please note, it will take approximately 10-14 business days for us to review your information. Being selected for further review does not guarantee an investment will be made. Additional documentation will be required.

 

For general questions, please check the FAQ for updates about the LISC ABC Program. 

 

For data security questions, please review LISC’s Privacy Policy. 


By signing your name and submitting the below, you confirm that the information provided about you and your business are true in all material respects. 



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