Roanoke, local credit union launch small business relief fund
Grants are available up to $25K
The city of Roanoke and Roanoke-based credit union Freedom First announced Tuesday a partnership that will disburse small business relief grants of up to $25,000 to those affected by the coronavirus.
The $416,250 program will use Community Development Block Grant-Coronavirus (CDBG-CV) federal funding. The program is intended for businesses that are at risk of closing or laying off employees due to COVID-19.
“Through these difficult times, small businesses have struggled to invent new ways to sustain their operations and stay open,” Roanoke City Manager Bob Cowell said in a statement. “This small business relief grant program will continue the city’s efforts at offering much needed support to do what we can to help keep our small businesses afloat.”
Eligible businesses must be for-profit and located in the city of Roanoke. Grants can be used to pay for wages, utilities, rent, COVID-19-related costs and other costs that would enable the business to reopen.
“We are excited to partner with the city of Roanoke to distribute these grants to our local small businesses,” David Prosser, Freedom First senior vice president of community development, said in a statement. “Roanoke has a reputation for many one-of-a-kind, locally-owned small businesses, and we want to ensure they have the means to reopen and retain jobs for our workforce once lockdown restrictions have eased.”
Applications will remain open until June 1, 2022 or until funds are depleted.