More than $5 million of Business Interruption Fund (BIF) grants have now been awarded to “mom and pop” businesses directly impacted by the construction of transit projects.
The BIF began in spring 2015 to provide financial assistance to small businesses directly impacted by rail construction along the Crenshaw/LAX Line, the Purple Line Extension’s first section and the Little Tokyo area and 2nd St/Broadway segment of the Regional Connector project. In the time since, more than 260 grants have gone to 169 firms. Of those, 91 percent are still in business one year later.
Per the guidelines of the BIF program, businesses directly impacted by Metro rail construction can receive more than one BIF grant award but cannot exceed $50,000 annually or 60 percent of annual business revenue losses. The program is administered by PCR, whose dedicated team of financial professionals and business advisors are Metro’s “boots on the ground” in helping small businesses.
The BIF program was approved by the Metro Board of Directors in 2014 and is a demonstration of Metro’s commitment to supporting small businesses as Metro continues to build a world class transit system in Los Angeles County. To learn more about Metro’s BIF including upcoming workshop schedules visit www.metro.net/bif
Categories: Policy & Funding, Projects