Fredericksburg’s Economic Development Authority (EDA) today started taking applications from City of Fredericksburg (22401) small businesses for grants to help weather the storm of the COVID-19 outbreak.
Applications will be accepted through 5 p.m. Friday. An EDA Taskforce will meet next week to evaluate potential grant recipients, and funding is expected to be available by April 14. Bricks-and-mortar businesses will be prioritized, and City businesses must show how the COVID-19 outbreak has negatively affected sales. Businesses must meet the U.S. Small Business Administration’s definition of a small business to qualify, and must be located in the City of Fredericksburg. Applicants are also required to have been in compliance with the State Corporation Commission and City of Fredericksburg on taxes, permits, fees and regulations as of March 15.
Click here for additional information about the grant program and the application.
The EDA recently appropriated $50,000 for the grant program and established a $4,000 maximum on grant funds for individual businesses (though the actual amount awarded for individual businesses may be significantly less than the maximum). On April 7, Fredericksburg City Council will be asked to consider also appropriating $50,000 from the City’s Economic Development Opportunity Fund to match the EDA allocation.
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 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. A great resource for what services local businesses are offering is available at fxbglovelocal.com.
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