Applications opened Tuesday for a Los Angeles nonprofit organization’s free business accelerator program for businesses owned by women and people of color.
Local Initiatives Support Corporation Los Angeles launched the ASCEND L.A. program to provide businesses with management education programs, certification and bid preparation support, advice on loans and procurement specials, and to help them connect with supply chains and capital.
“In spite of COVID-19’s impact on our local economy, 60% of last year’s ASCEND program graduates hired new employees to help grow their businesses,” said Tunua Thrash-Ntuk, executive director of LISC L.A. “After seeing the impact of our program in 2020, we are excited to once again offer ASCEND LA to diverse entrepreneurs.”
The program is supported by J.P. Morgan Chase and helps bring together nonprofit leaders, education providers and B2B market makers to support diverse entrepreneurs by providing them with resources and market access.
The goal is to build the next generation of $1 million businesses owned by women and people of color, according to LISC L.A., which is partnering with Loyola Marymount University’s College of Business Administration for the program.
LMU faculty will teach ASCEND L.A.’s Management Education Program, which provides 12 sessions and focuses on entrepreneurial competence, business foundation, and access to capital.
“Serving as ASCEND L.A.’s management education partner aligns beautifully with our business school, university mission and strategic goals,” said Dayle Smith, dean of the LMU College of Business Administration. “We look forward to serving our community of small businesses owned by women and people of color, providing an opportunity to enhance their managerial skills, empower them with an entrepreneurial mindset, and contribute to a more sustainable community.”
The program was created to help diverse businesses obtain current and future contract procurements. Since the program began, 75% of its participants have submitted bids for new contracts and 25% have been awarded them.
“ASCEND L.A. changed my paradigm in how I run my business and set up my infrastructure to be prepared and have the capacity to compete for multimillion-dollar contracts,” said Desiree Saddler, an ASCEND L.A. alumni and CEO of Saddler Consulting Group. “Even in the pandemic, I now am prepared and have the capacity to compete and deliver — and I have even secured a 3-year contract during the program.”
Applications for ASCEND L.A. are open through April 11. Selected businesses will begin the program on May 15, and a second cohort will take place in fall 2021.
The application can be found at www.ascendla.org/apply.