Loudoun County allocates additional small business funding
COVID-19 Business Interruption Fund provides $5K grants
The Loudoun County Board of Supervisors has allocated an additional $145,000 to fund 29 more businesses with $5,000 COVID-19 Business Interruption Fund grants, Loudoun Economic Development announced Wednesday.
The additional allocation will allow the fund to cover all 660 certified eligible businesses that applied for the county’s fifth round of COVID-19 small business relief funding. During the fifth round of funding, $3.3 million was allocated and a total of $11.45 million from federal CARES Act funding has been disbursed during the entire program.
“The Board of Supervisors and Loudoun town councils have been proactive in recognizing the business community’s resiliency during the pandemic and ongoing need for financial support,” Loudoun Economic Development Executive Director Buddy Rizer said in a statement. “After five rounds of applications, we’re proud to report that all #LoudounPossible businesses that were certified eligible have now been funded.”
The fifth round focused on funding small businesses with fewer than 100 employees, less than $5 million in gross annual receipts and a demonstration of at least 25% revenue loss attributable to COVID-19. This round funded 261 self-identified women-owned businesses, 174 minority-owned businesses and 23 businesses that requested translation services.
Loudoun Economic Development worked with the towns of Purcellville and Hillsboro to disburse the fifth round funding, which was announced in early September. All applicants will be contacted within the next 24 hours to confirm their application status and obtain more resources and information, according to Loudoun Economic Development.