Understanding the toll of small businesses closing their doors to help fight the spread of the COVID-19 virus, Verizon will donate $2.5 million to Local Initiatives Support Corporation (LISC), a national nonprofit that has invested $20 billion to fuel economic opportunity for people and communities across America. Over the course of the series, all viewers who tune in will be encouraged to tag their favorite local businesses and make a purchase in advance for when the crisis is over and the businesses reopen. As consumers engage, Verizon will unlock an additional $2.5 million in funds, bringing the total donation to a potential $5 million.
LISC will use the funds to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19, especially entrepreneurs of color, women-owned businesses and other enterprises that don’t have access to flexible, affordable capital in historically underserved communities. LISC will launch an online process for small businesses to submit applications for grants (sign up here to stay updated on the process). Applications will be reviewed and then entered into a lottery. The grants are designed to help business owners fill urgent financial gaps – from paying rent to meeting payroll – until they can resume normal operations or other financing becomes available. Updates