United Way of Greater Charlottesville teams up with Va. 30 Day Fund
Funding directed to education centers, minority-owned businesses
The United Way of Greater Charlottesville announced Monday it has partnered with the Virginia 30 Day Fund with a goal to disburse $100,000 in funding to local early education centers, family day homes and minority-owned businesses facing financial challenges due to COVID-19.
The United Way has made an initial $24,000 seed grant to the Virginia 30 Day Fund for relief for Albemarle County and Charlottesville businesses. Eight $3,000 forgivable loans will be disbursed using this initial seed round of funding, which begins July 1.
“Many small businesses are still struggling as a result of COVID-19 and are stuck in a holding pattern when it comes to receiving federal CARES Act funding,” Ravi Respeto, president and CEO of the United Way of Greater Charlottesville, said in a statement. “This intervention offers these businesses, who are at higher risk of being marginalized in securing funding assistance, an avenue to receive quick, forgivable, dollars to be able to meet immediate and pressing needs that won’t cause long-term financial burden.”
The Virginia 30 Day Fund was established in Charlottesville by technology entrepreneur Pete Snyder and his wife, Burson, in response to the economic hardships that the COVID-19 pandemic has caused for small businesses. The program seeks to fund small businesses sooner than the Small Business Administration’s Paycheck Protection Program by providing application decisions within three business days.
“The United Way has been a beacon of hope in the Greater Charlottesville community for years. The Virginia 30 Day Fund is thrilled to combine forces with their terrific leadership and team so we can continue to make a real and immediate impact in our hometown,” Snyder said in a statement. “We both dream big and try to help big, and that’s exactly what’s needed during this very difficult time.”
Businesses eligible to apply for this specific grant from the Virginia 30 Day Fund include for-profit, minority-owned businesses that employ three to 30 people; and for-profit and nonprofit early education centers and family day homes that employ two to 30 people. Eligible businesses must be based in Albemarle County or the city of Charlottesville, have been operating for at least one year and be owned and operated by a Virginia resident.
Virginia 30 Day funding does not have to be repaid, but recipients are encouraged to “pay it forward” and repay the loan amount when they’re able so that other businesses can receive assistance. Seed funding provided by the United Way of Greater Charlottesville will not have a repayment request, however.
Nearly 500 small businesses have been funded through the Virginia Day Fund as of June 29, with more than $3 million raised or pledged to the fund, says Virginia 30 Day spokesperson Chris Bond — adding that the fund expects to surpass 500 businesses funding during the next couple of days. The program has been replicated in Georgia, Pennsylvania, Mississippi and Colorado.