By: Sabrina Kim, Arpita Sharma, Ashley Thomas, Jennifer Ito, and Manuel Pastor
November 2019
Small businesses are the backbone of the Los Angeles economy. As they grow and thrive, so do workers, families, communities, and cities. An often-overlooked opportunity for small business growth is procurement opportunities from public and private institutions. However, due to several challenges, including lack of access to lending and purchased protection for the customer, referred to as bonding, small businesses struggle to compete for these contracts. This is particularly true for people of color business owners and their communities. Los Angeles as a Host City asks how we can face those challenges and how we should prioritize investing our limited resources in order to build a more equitable region.
This research represents a new benchmark for understanding the diversity and specific geography of the Los Angeles small business community.