Ascend LA helps minority-owned local businesses thrive in their community.
Many know, entrepreneurship and growing a small business can come with many challenges. Whether it’s access to capital, winning local bids for work or expanding operations, it can be difficult to navigate all of the moving pieces while staying competitive and connected. That’s where Ascend Los Angeles, one of Local Initiatives Support Corporation’s (LISC) economic development programs, steps in to help local women and BIPOC-owned businesses thrive.
“Our job is to be a connector,” says Deborah Membreño, LISC LA Program Officer. “We connect minority-owned small businesses to resources, education, capital and coaching so that they can win contracts in their community.”
Membreño supports the execution and alignment of LISC LA’s Economic Development programming, including Ascend, which supports small businesses with business development support, primarily in the construction and professional services industries.
“We make sure that local businesses that have been in our communities, can stay here,” says Membreño. “As areas develop, we want to make sure business owners don’t feel pushed out and that they have what they need to keep their doors open and bring their business success to their communities and economies.”
Developed by the University of Washington and funded by JP Morgan Chase, Ascend’s 3M model provides entrepreneurs with increased access to management skills, money sources, and market opportunities in order help small businesses reach their next level. In Los Angeles, Ascend LA is led by LISC LA in partnership with the College of Business at Loyola Marymount University (LMU), and CMG Alliance (CMG). Participating small business owners receive 16 management education sessions, certification assistance and pitching and contract bid prep. Ascend LA also connects the small businesses with supply chains, industry events and support, flexible loan options and one-on-one loan advising.
“Through simple, but difficult, exercises – and lots of peer collaboration and feedback – we help entrepreneurs to recognize how strong they already are – as it often takes great strength and an entrepreneurial spirit to overcome the barriers that women and persons of color face. Thus, instead of just revealing new truths and theories (the typical university approach), we work to also kill the imposter syndrome and give entrepreneurs a space to hone their entrepreneurial mindset. In this way, the Ascend LA program provides more than just entrepreneurship training; our instructors and our methodology focus on developing stronger communities by,” says Alex Glosenberg, Assistant Professor of Management, LMU’s College of Business Administration Management and lead lecturer of Ascend LA.
The program is still young and has had four cohorts of entrepreneurs go through Ascend LA’s training, but those entrepreneurs and their communities have already started benefiting from the education and connections they’ve gained. With the support of Ascend LA, businesses have reported over $58MM in contracts won, increased partnerships, hiring of new employees, and the implementation of proactive and innovative strategies.
“We had a small business [SAH Industrial] enter our program to help scale their engineering company,” says Membreño. “As a direct impact of the Ascend LA program, their revenue in 2021 increased by 60% (versus about 20% in prior years) after applying and implementing the mindset concepts, business strategies, and strategic action plan learned and developed during their participation. They continue to use their strategic plans to expand and take advantage of new opportunities in New Mexico and Texas.”
As the program continues to grow and develop, Ascend LA and its partners continue to look for new ways to add value for its participants and communities, research new curriculum and find ways to continue supporting Ascend alumni.
“We have an Ascend Alumni network where we can continue to send our gradates business leads,” says Membreño. “We also host networking events for alumni, current cohort participants and invite guests such as LA County procurement officers. When our entrepreneurs are equipped to win local bids, it’s powerful for the whole community.”
Ascend LA offers many ways for the business community, local chambers and public offices to get involved with their economic and business development work. The program will also open applications to entrepreneurs who want to join the 2023 cohort next year. Learn more about Ascend LA here.
