More small business relief funding on the way in Chesterfield
Grants of up to $10K available for businesses impacted by pandemic
Chesterfield Economic Development and The Chesterfield Chamber announced Monday that the second round of a small business relief funding program will open on June 29. The $5 million Back in Business funding program provides grants up to $10,000 to businesses struggling during the pandemic.
The Chesterfield County Board of Supervisors announced in May that it would use $5 million of its federal Coronavirus Aid, Relief and Economic Security (CARES) Act funding to create a small business relief fund program. The first round of funding went to businesses that were not eligible or able to receive federal funding. The second round, however, will be open to a wider pool of businesses.
Eligible businesses must be a for-profit organization in Chesterfield County, have been in businesses for at least two years, have at least $30,000 (but no more than $3 million) in annual gross revenues for the past two years, must be able to demonstrate a 25% revenue loss attributable to COVID-19 and its franchises must be headquartered in Chesterfield County.
Businesses with gross revenues of $30,000 to $49,999 are eligible for $5,000 grants, businesses with gross revenues of $50,000 to $199,999 are eligible for $7,500 grants and businesses with $200,000 to $3 million in gross revenues can receive $10,000. Independent contractors and nonprofit organizations are not eligible for funding.
Funds are intended to reimburse businesses for employee compensation, working capital, equipment inventory, rent and other critical operating expenses.
Applications open at 12 p.m. on June 29 and close at 12 p.m. on July 2.