Loudoun County funds 400 additional small businesses
Businesses were selected at random to receive $5,000 grants
Loudoun County Economic Development on Tuesday randomly selected 400 local small businesses to each receive $5,000 COVID-19 Business Interruption Fund grants, totaling $2 million. The funding was allocated from the $36.1 million in federal funding to Loudoun County from the Coronavirus Aid, Relief and Economic Security (CARES) Act.
“Nearly 1,100 Loudoun businesses have a better chance of survival thanks to the proactive response of the Board of Supervisors and Economic Development Authority,” Loudoun County Economic Development Executive Director Buddy Rizer said in a statement. “As we look ahead to Phase Three of reopening, we will continue to identify funding opportunities and creative ways to support … innovation. Our team is dedicated to working with all businesses moving forward.”
During the first round of the Business Interruption Fund, $1.4 million was distributed among more than 200 businesses in the county. This second round of funding devoted $3.7 million to fund businesses that were not randomly selected during the first round. Each of the 475 eligible businesses received $7,500 grants. The remaining $2 million went to the third round of funding.
For round three, the board of supervisors focused on businesses that have between zero and two employees, which is the largest segment of businesses in Loudoun County. It includes solo entrepreneurs, family businesses and larger operations that rely on independent contractors.
“We at StageCoach Theatre appreciate how Loudoun County Economic Development has the interests of our small business community at heart,” Jerri Wiseman, StageCoach Theatre Co. LLC co-owner and executive producer, said in a statement. “Since we use contractors, our options for COVID relief grants and loans were extremely limited. This grant will go towards covering our rent and instructor pay. It is money well spent by the county as small businesses will continue to support others in the community.”
Eligible businesses for the third round of funding had less than $2.5 million in gross annual receipts, saw at least a 25% loss in revenue attributable to COVID-19 and are licensed and operated in Loudoun County. There was no limit on 1099 contractors that a business may have. Applications were open from June 3 through June 6.
Grant recipients were randomly selected in a drawing at the Government Center on Tuesday, and the $5,000 grants will be dispersed to businesses starting next week.