State leaders support Gov. Newsom’s robust financial strategy aimed at revitalizing the Los Angeles-area economy
Los Angeles, California – Following the devastating firestorms in January in Los Angeles, Governor Gavin Newsom has emerged with a strong financial plan meant to boost the Los Angeles local economy. Approved by local leaders and community advocates, the Governor revealed a sizable $24 million investment package this week as part of California’s larger attempts at economic recovery.
The funding announcement was made during Governor Newsom’s statewide Jobs First tour, which made its seventh stop in Los Angeles. The tour coincides simultaneously with the release of the Los Angeles County Jobs First Regional Plan and the California Jobs First Economic Blueprint. These projects are a strategic attempt to leverage local creativity and social infrastructure to propel statewide, especially in Los Angeles’ fire-affected districts, economic development.
A substantial portion of the investment, $10 million, will be channeled through a partnership with LA Rises, Maersk, and APM Terminals into the LA Region Small Business Relief Fund. Under joint management by the City and County of Los Angeles, this fund seeks to directly support companies and NGOs most affected by the firestorms financially.
This marks the first funding initiative under LA Rises, a unified recovery effort initiated by Governor Newsom in January. Notable people leading the initiative include Casey Wasserman, basketball legend Earvin “Magic” Johnson, and Dodgers Chairman Mark Walter.
The investing plan also calls for a $3 million contribution to the Los Angeles Jobs First Collaborative. With an eye on starting public campaigns to assist small businesses and increasing capacity for quick business and economic recovery in the near future, this money is meant to support the group’s recovery initiatives.
High Road Training Partnerships, which comprise workforce training companies situated in Los Angeles, receive the biggest single grant of $11 million. This program is meant to improve opportunities for employment and job training so that the workforce is ready to satisfy the needs of a changing and recovering economy.
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Recent actions by Governor Newsom highlight a thorough strategy for Los Angeles’ economic recovery that addresses immediate relief need and provides foundation for permanent development. By helping small businesses, increasing employment training, and building infrastructure that can withstand future problems, the investment not only seeks to repair the damage but also invigorate the local economy. These initiatives show a determination to not only rebuild but also to raise Los Angeles’s long-term resilience and wealth.
Leaders across the state applaud Gov. Newsom’s commitment to support the areas the hardest hit by the devastating fires. This is what some of them said:
Officials from Los Angeles County
Emphasizing the need of investing in the local workforce for economic recovery and resilience, Kathryn Barger, Los Angeles County Chair and Supervisor for the Fifth District expressed optimism regarding long-term advantages.
Hilda L. Solis, Los Angeles County Chair Pro Tem and Supervisor for the First District underlined the terrible job losses brought on by wildfires and underlined the need of the $10 million financing for small business recovery so guaranteeing an equitable recovery for affected neighborhoods. Acknowledging the state’s dedication to helping local recovery efforts, Lindsey Horvath, Los Angeles County Supervisor for the Third District welcomed the financial support for small companies and workers impacted by wildfires.
City leaders across the state
Mayor of Los Angeles Karen Bass commended the Governor’s dedication to LA’s recovery and underlined the need of getting people back home as well as of helping small businesses through this disaster. Mayor of Monterey Park Vinh T. Ngo was delighted about the extensive advantages of the economic strategy for California and felt privileged that Monterey Park was the venue for the announcement. Emphasizing that Alt Pasadena’s recovery depends on the Governor’s continuous assistance, Victoria Knapp, Chair of the Alt Pasadena Town Council stressed that small enterprises and the workers need important tools to rebuild stronger.
Business leaders
The Los Angeles County Economic Development Corporation’s President and CEO, Stephen Cheung, praised the Governor’s leadership and pointed out that inclusive and sustainable economic development will result from investments in small businesses assistance and job creation. The statement was seen by Maria Salinas, President and CEO of the LA Area Chamber of Commerce as a significant first step in bringing workforce development into line with economic priorities, therefore promoting job growth and long-term regional resilience.
BizFed & New California Coalition CEO Tracy Hernandez praised the Governor for providing real-time money to guarantee economic stability and hasten wildfire recovery. Emphasizing the harmony of economy, equity, and the environment, UNITE-LA President Alysia Bell praised the emphasis on regional cooperation for economic mobility. Underscoring the value of job apprenticeships and small company support, Judy Matthews, President of the Altadena Chamber of Commerce said that these investments will help revive the local economy and draw more prospects.
All official statements can be found here.
