Loudoun Economic Development Authority Adds $250,000 to COVID-19 Business Interruption Fund

loudoun economic development authority business interruption fund covid-19

On Thursday afternoon, the Loudoun Economic Development Authority unanimously approved an additional $250,000 in grant funding to Loudoun County’s COVID-19 Business Interruption Fund.

The Loudoun County Board of Supervisors approved $1.15 million in initial funding on Tuesday night, with $450,000 in a general fund for businesses with 3-50 employees, an additional $550,000 for businesses with 51-100 employees, and $150,000 to help Loudoun’s agriculture-based businesses with up to 2 employees.

The Economic Development Authority apportioned an additional $105,000 for businesses with 3-50 employees, $110,000 for businesses with 51-100 employees, and $35,000 for agriculture-based businesses.

With the additional funding, a total of $1.4 million can be dispersed to 177 randomly selected small businesses that apply between April 29 and May 2, 2020, at LoudounBusinessFund.org.

“There is nothing more important than helping our community and the businesses they work for during the crisis,” Loudoun Economic Development Authority Chairman Mark Madigan said. “People need help immediately and the Economic Development Authority is 100% in support of the Board’s work to help our business community.”

Over the last four weeks of business closure, more than 18,000 jobs have been lost in Loudoun County, including more than 78% of all restaurant and retail workers.

This $250,000 investment comes on top of $150,000 that was dedicated to the Loudoun Innovation Challenge, a scored grant contest launched in January that closed in March. In a matter of weeks, the Loudoun Economic Development Authority will distribute $400,000 of grant funding into small businesses.

“The most important thing we can do right now is to get money into the hands of our businesses to help them survive. The Economic Development Authority’s contributions will help funnel funding to an additional 32 businesses that can pay their employees, afford their rent, and see this crisis through into recovery,” Loudoun Economic Development Executive Buddy Rizer explained. “Our business community needs us more than ever, and this is a meaningful investment in our #LoudounPossible future.”

In addition to size requirements, eligible businesses and farms must:

  • Have less than $2.5 million in gross annual receipts;
  • Have at least a 25% loss in revenue that can be attributed to COVID-19;
  • Be appropriately licensed and operational in Loudoun County, Va.

Because it is a web-based application only, interested applicants are encouraged to visit the website before the application window opens, to fill out the test form to confirm that submissions can be received from their computer or mobile device.

The application and additional information can be found at LoudounBusinessFund.org.

 

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