Loudoun County disperses $1.4M to 201 small businesses
Businesses received $5,000 to $10,000 from COVID-19 Business Interruption Fund
The Loudoun County Department of Economic Development announced Friday it had dispersed approximately $1.4 million from the COVID-19 Business Interruption Fund to 201 small local businesses.
The Loudoun County Board of Supervisors and the Loudoun County Economic Development Authority (EDA) established the fund. The board of supervisors diverted $1.15 million from its business incentive funding, and the EDA appropriated $250,000. Grants awarded range from $5,000 to $10,000, depending on the number of employees at a given business.
More than 1,200 applications were submitted during the 72-hour application window, which opened April 29 and closed May 2.
After applications were received, the Loudoun County Department of Economic Development worked with the Loudoun Treasurer’s Office, the Commissioner of the Revenue, the Department of Finance and Budget and the Loudoun Cooperative Extension office to collect applicant information. Buddy Rizer, ; Janet Romanchyk, department of finance and budget deputy chief financial officer; and Roger Zurn, Loudoun County treasurer had the final say on applicant eligibility.
“This process provided new insight into the economic devastation that COVID-19 has had on thousands of Loudoun County businesses,” Loudoun County Department of Economic Development Executive Director Buddy Rizer said in a statement. “This grant funding is just one piece of the puzzle for Loudoun’s recovery, and we look forward to working with all businesses moving forward.”
All applicants had to document and demonstrate less than $2.5 million in annual revenue, at least a 25% COVID-19-attributed revenue loss and that they were licensed and operational in Loudoun County.
After applicant eligibility was confirmed, applications were separated into three categories: agricultural business with zero to two employees, businesses with three to 50 employees or home-based businesses with three to 100 employees and businesses with 51 to 100 employees.
All eligible businesses with 51 to 100 employees were funded and agricultural businesses with zero to two employees received funding, said Brian Tinsman, marketing and communications manager for the county’s economic development department. Applications from commercial businesses with three to 50 employees and home-based businesses with three to 100 employees were chosen at random from a single pool to receive $7,500 apiece from the remaining funds.
“While there are no current plans to open future rounds … this process has provided additional data about the need within the business community, and that will be taken into consideration for any funding or services that the county provides,” Tinsman said.