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Micro Small Business Grant Program

Farmers & Merchants Bank - Long Beach, CA

2022 Community Committment Awards Submission

  • Economic Inclusion
  • Asset Size: Medium

In response to the escalating need for pandemic relief resources, F&M Bank committed ,000 in 2021 to support local micro or small businesses adversely impacted by COVID-19 who had been forced to make adjustments to stabilize the business while continuing to support the local community. Each business was awarded ,500 and winners agreed to participate in a follow-up consultation with F&M Bank approximately six months after receiving the grant funds.

Winners were selected from over 600 applicants by a Grants Selection Committee comprised of F&M Bank employees. Preference was given to businesses serving low to moderate income communities and/or those owned by a member of an underrepresented community. Being an F&M Bank client was not a requirement.

The grant funds will be used for necessities, such as: the purchase of a used van for a 24- hour childcare provider serving low income families by providing transportation to and from childcare at no additional cost; covering the cost of pro-bono services for negotiating the reduction of medical bills and finding resources for funding for patients in need; paying a backlog of payroll, utilities, rent and property taxes that resulted in a delay in roof and gutter repair causing flooding in the kitchen of a restaurant; constructing an outdoor training bungalow to facilitate the need for more space due to social distancing guidelines for a vocational dental school; and reinvesting in the small business infrastructure for a locally sourced vegan food product company who has been forced to pivot from Farmers Market sales to an online product to stay afloat.