The city of Fredericksburg is taking applications through July 6 from Fredericksburg small businesses for another round of grants tied to the COVID-19 pandemic.
At its June 23 meeting, Fredericksburg City Council decided to use a portion of its roughly $2.5 million CARES Act allocation to fund a Small Business Assistance Program that will culminate in three random public drawings to determine grant recipients.
The city will take applications from businesses through 5 p.m. Monday, July 6. Application data will be presented to City Council at the July 14 meeting, at which time decisions will be made about how much of the City’s CARES Act funds to allocate into the program.
Businesses that meet the eligibility criteria (included below) will be divided into three separate “buckets” for three drawings based on their annual gross revenue in 2019: less than $100,000, $100,000 to $350,000, and $350,000 to $2.5 million
The City Council and Business Assistance Committee will determine the total amount of funding to allocate after the application period ends. Grant amounts for individual businesses within each of the three categories will be in equal amounts, regardless of how much total money is allocated for the program.
Eligibility requirements say that businesses must:
- Have one or more physical locations in Fredericksburg (22401), including the principal place of business. Home-based businesses qualify.
- Be current on all Fredericksburg tax obligations prior to March 1, 2020, and be fully permitted.
- Have been in business in the City of Fredericksburg with all appropriate permits and licenses since at least July 1, 2019.
- Have annual gross revenue not exceeding $2.5 million.
- Have documented costs of business interruption caused by COVID-19 required closures (not already funded in Fredericksburg’s first round of small business grants). Grant amounts will not exceed documented costs of business interruption caused by COVID-19 required closures.
- Be a for-profit business.
- Complete an application form, certify that all answers are true and accurate, and agree to the application’s terms and conditions.
- To find the form, applicants should go online to https://blog.fredericksburgva.com/application-window-starting-soon-for-grant-program/.
Businesses can still apply if they fail to meet one or more criteria. If approved, applicants may be required to submit additional information for verification and all information is subject to the Freedom of Information Act.
Earlier this year, the City of Fredericksburg and its Economic Development Authority partnered on a $250,000 small business grant program that led to 107 businesses getting grants of up to $3,600.