Fredericksburg EDA establishes small-business grant program
Fredericksburg’s Economic Development Authority (EDA) on Monday established a $50,000 grant fund to help City of Fredericksburg (22401) small businesses weather the storm of the COVID-19 outbreak.
Criteria for eligibility, allowed uses of the grant funds, the review process and more will be developed this week. The EDA anticipates publishing the criteria by early next week at Fredericksburgva.com and starting to take applications April 1.
The City of Fredericksburg will likely be matching the $50,000 by appropriating that amount from the Economic Development Opportunity Fund in the current fiscal budget. That would create a $100,000 fund to assist Fredericksburg small businesses in their great time of need. City Council will be asked to formally appropriate the funds at its next meeting, which is currently scheduled for April 14.
The EDA also has a separate loan program for small businesses in place. Program details are available here.
Many additional resources are available for small businesses, including an emergency loan program from the U.S. Small Business Administration that allows loans of up to $2 million. Click here for a business-resource guide, including information on the SBA loans.
The EDA hopes that the establishment of the grant fund will inspire others in the community to find ways to help Fredericksburg businesses while practicing responsible social distancing — for example ordering takeout and delivery food from our great restaurants, shopping online at local businesses and more.
Check back for more details on the grant program, and subscribe here to our weekly Fred Focus newsletter.