We’re helping local businesses as we build.
What is Metro’s Business Interruption Fund?
Metro’s Business Interruption Fund (BIF) provides financial assistance to small “mom and pop” businesses located along the Crenshaw/LAX Transit Project, the Little Tokyo area and the 2nd/Broadway segment* along the Regional Connector and Section 1 and Section 2 of the Purple Line Extension that are impacted by transit rail construction. Metro’s goal is to help small businesses continue to thrive throughout construction and post construction. The BIF is a demonstration of Metro’s commitment to being a trusted community builder, partner and stakeholder.
Metro’s BIF is administered as a pilot program in partnership with Pacific Coast Regional Small Business Development Corporation (PCR).
What is the purpose of the Business Interruption Fund?
Transit rail construction can mean growth opportunities for small “mom and pop” businesses located along transit corridors; however, transit construction also can be challenging for small businesses. With the establishment of the BIF, Metro can provide financial assistance to directly impacted small “mom and pop” businesses through grants to cover certain fixed operating expenses.
What amount of financial assistance can an impacted business receive?
Metro’s Board of Directors authorized the Agency to designate $10 million annually to be used for implementation of the Business Interruption Fund. Businesses may file multiple requests for financial assistance through the BIF; but in no event will the amount paid exceed the lesser total amount of $50,000, or 60% of annual business revenue losses per business. The financial assistance covers fixed operating expenses such as:
- Rent or Mortgage
- Other types of eligible documented business related expenses may be considered by the program administrator
- Commercial property owners may file, however; property owners may only file a claim for mortgage, utilities, insurance and other expenses as determined by the program administrator
Note : Residential property owners are not eligible to apply.
*Segment eligibility based on full street closure with duration greater than six continuous months.