Fairfax County establishes $2.5M small business loan fund
Eligible businesses can receive up to $20,000 in interest-free loans.
Fairfax County announced Thursday that it has established the Fairfax County Small Business COVID-19 Recovery Fund — a $2.5 million fund to support small businesses that have suffered economic hardship during the pandemic.
The recovery fund will make no-interest loans of up to $20,000 to eligible businesses. In order to apply, the small business must have one or more commercial locations in Fairfax County including the principal place of business; have fewer than 50 employees total; have been in business for at least two years; and have a Business, Professional and Occupational License (BPOL). Applications will be accepted starting April 28. The loans are only available to “for profit” businesses.
The Community Business Partnership, a nonprofit that promotes small business in Fairfax, is administering the program on behalf of the county.
On Thursday, the Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP) relief fund officially ran dry. Other outlets for small business funding include the U.S. Chamber of Commerce’s Save Small Business fund, which provides up to $5,000 in grants to small businesses in economically vulnerable communities, and the SBA’s Economic Injury Disaster Loan Emergency Advance, which provides low-interest loans of up to $2 million.