Business & Tech
Fredericksburg Invites Businesses To Apply For Coronavirus Grants
The City of Fredericksburg is accepting grant applications from small businesses that are struggling due to the coronavirus crisis.
FREDERICKSBURG, VA — The City of Fredericksburg’s Economic Development Authority (EDA) is accepting grant applications from small businesses that are struggling due to the coronavirus crisis. An EDA task force is scheduled to meet next week to evaluate potential grant recipients, and funding is expected to be available by April 14.
Fredericksburg is giving priority to bricks-and-mortar businesses that apply for grants. City businesses also must show how the new coronavirus, or COVID-19, outbreak has negatively affected sales. The deadline for filing a grant application is 5 p.m. Friday.
Businesses must meet the U.S. Small Business Administration's definition of a small business to qualify and must be located in the city. Applicants are also required to have been in compliance with Virginia State Corporation Commission regulations as well as Fredericksburg taxes, permits, fees and regulations as of March 15.
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"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," the EDA said Monday in a statement.
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The EDA recently appropriated $50,000 for the grant program and established a $4,000 maximum on grant funds for individual businesses. Next Tuesday, the Fredericksburg City Council will be asked to consider 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 existing small businesses.
Other resources are available for small businesses in Fredericksburg that are struggling due to the coronavirus, including an emergency loan program from the U.S. Small Business Administration that allows loans of up to $2 million.
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