L.A. stories of inspiration and success

L.A. stories of inspiration and success

gloved hands mixing plant based ingredients (courtesy of Innovative Cosmetic Labs website)
Founded in 2008, the Chatsworth-based contract manufacturer Innovative Cosmetic Labs (ICL) has a mission of formulating products using only clean, eco-friendly, and plant-based effective ingredients.

Due to the pandemic, ICL saw sales decline since consumers were purchasing fewer beauty products. Because of this, ICL’s owner, Matt Stearn, was tasked with pivoting from focusing on facial care products to hand cleaning and moisturizing products.

On top of shifting to new business products, Matt was worried about his ability to retain his 38 employees, primarily the 16 new production staff members. With this concern, Matt reached out to The Valley Economic Alliance (TVEA), a non-profit that connects business owners to free and low-cost business resources.

TVEA helped Matt secure a $350,000 Economic Injury Disaster Loan (EIDL) increase. They also helped Matt with a corporate structure optimization analysis, value-added digital marketing and email solutions, and information about R&D Tax Credits, a franchise tax fee exemption, and the SBA Loan Program to purchase a warehouse.

With the TVEA’s help and increased disaster funds, Matt successfully retained his 16 production staff employees. Matt is optimistic about ICL and the growth opportunities that lie ahead, knowing that TVEA will be at his side when he needs them.

“With whatever issue that I had, TVEA had something for that," Matt said. "It’s great knowing that if I don’t have my own personal contacts, we could reach right out and be put in touch with somebody.” Innovative Cosmetic Labs (ICL) is located in Council District 12.

City of LA EWDD & LAEDC Layoff Aversion Program Helps COVID-Impacted Businesses

EWDD sponsors the Layoff Alternative Program for City of LA. The Los Angeles County Economic Development Corporation (LADEC) oversees the program. Under this collaboration, LAEDC’s Business Assistance Team works together with other organizations to connect LA businesses with the resources needed to retain jobs, including resources for financing, tax credits, permitting, tax problems, staff training and cost containment.

Explore the various services that EWDD offers by checking out the Business Services, Employment Services and Youth Services pages. Discover what EWDD can do for you!

This story is part of the EWDD UPDATES from the week of October 4, 2021. Read this issue and more.

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