Fredericksburg To Discuss New Small Business Relief Programs

FREDERICKSBURG, VA — The city of Fredericksburg's Economic Development Authority has scheduled a special meeting at 8:30 a.m. Wednesday to discuss a business-relief program funded by the city.

Fredericksburg and its EDA have already teamed up on a business-relief program that provided $250,000 in grants to more than 100 small businesses. The city and its EDA now want to work with the business community to discuss additional ways to help small businesses in response to the coronavirus crisis.

The city said it is considering additional grants, a subsidized gift card program, and the purchase of items that allow businesses to safely reopen to the public.

“Everything is on the table,” Fredericksburg City Manager Tim Baroody said Monday in a statement. “We want to tap into the best minds of our community to come up with a program that will help our businesses and enhance economic activity while keeping our residents safe — which remains our no. 1 priority.”

On Wednesday, the EDA plans to establish an exploratory committee composed of two EDA members, city staff and designated members of the business community. That committee's purpose will be to implement one or more new programs.

The EDA’s funding will come its available funds, which are mostly fees paid by private developers who have issued bonds through the authority. The city’s share will come from the about $2.5 million allocated to the city from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. That money must be spent by Dec. 30 and can be used only for COVID-related expenses.

For more information, contact the Fredericksburg Economic Development and Tourism at 540-372-1216 or visit www.FredericksburgVa.com.

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