Fredericksburg VA Main Street plans to invest in the technological needs of entrepreneurs and property owners in downtown Fredericksburg.
The Main Street organization announced today that it is refocusing its Zero Interest Loan Program to address the current COVID-19 pandemic. The organization’s remaining $22,484 in loan funds will be refocused toward the new technology program.
The organization will award micro-loans for the following purposes to facilitate online sales: the purchase of software or equipment, website expansion, and website creation. The program comes as many downtown business owners are being forced to shift to primarily online models due to restrictions on opening to the public.
The loans will be set as a deferment for six months and a forgiveness on the seventh month. They are not expected to be repaid.
There are three tiers of funding available to businesses in the Main Street district. Businesses can apply for only one. Requests will be accepted on a first-come, first-served basis.
- Up to $500: Software or equipment for online sales
- Up to $1,000: For expansion of current online capabilities
- Up to $2,000: For new websites (limited to 4 businesses)
Main Street is working with several companies that have agreed to a set fee to quickly get businesses online. Loans will be paid directly from Fredericksburg VA Main Street Inc. to the vendor, with half paid upfront and half upon completion of the services.
Click here to apply. For more information, contact Main Street Executive Director Ann Glave at email@example.com.
Separately, Fredericksburg’s Economic Development Authority on Monday approved a business-grant program that will allow for small businesses in the City of Fredericksburg affected by the coronavirus to apply for emergency grants of up to $4,000. Details on that program will be announced next week. Virginia small businesses can also apply for loans from the U.S. Small Business Administration of up to $2 million.