Loudoun Businesses Encouraged to Apply for Grant to Invest in Resiliency

UPDATE 12/3/21: On December 8, 2021, at noon, we will reopen the Business Reinvestment and Recovery Grant application portal at LoudounBusinessFund.org. All applications must be fully completed and submitted by 3 p.m., in order to be considered.

We will begin our three-phase review of the applications the following week. We anticipate that will take four to six weeks. Our intention will be to announce the grant winners in early February.

 

Starting at noon on December 1, businesses based in Loudoun County, Va., are encouraged to apply for a Business Recovery and Reinvention Grant, which is designed to fund innovative solutions that accelerate business growth for companies pivoting in the wake of COVID-19.

The pool of nearly $4.5 million was appropriated by the Loudoun Board of Supervisors out of the county’s American Rescue Plan Act funding from Congress. This marks the second grant run from the appropriated funds, as $4.5 million was already disbursed to support hotels and other overnight accommodations in Loudoun County.

For the Business Recovery and Reinvention Grant, each applicant may receive grants of up to $50,000. Eligible projects include making a business model change, adopting new technologies or practices, or otherwise reinventing a business to cope with the economic and/or public health requirements and challenges during the pandemic.

Examples of reinvention may include:

  • New building construction and improvements;
  • New equipment or vehicles;
  • Staff to support new lines of business;
  • New software development and adoption;
  • New business practices to adapt to changes in supply chain and consumer trends.

More information and application requirements can be found at LoudounBusinessFund.org.

“We’re nearly two years into a seismic paradigm shift in the market, and we couldn’t be prouder of the innovative ways that our business community has responded to the global health, economic, workforce and supply chain issues. Business resiliency is about more than simply surviving—it’s learning how to thrive under any circumstances,” Loudoun Economic Development Executive Director Buddy Rizer explained. “Part of our commitment to the business community is continuing to be part of the solution and investing in their #LoudounPossible success.

“I commend the Board of Supervisors for their leadership through the pandemic and investment of more than $21 million in business grants since March 2020. Loudoun will see returns on that investment for years to come.”

The application includes sections for business information, financial information, project information, criteria and certifications. Applications will be considered on a rolling basis until the fund is exhausted.

Eligible businesses will exhibit the following criteria:

  • Appropriately licensed, for-profit business in Loudoun County;
  • Operational prior to March 1, 2020, and currently open for business;
  • Commitment to maintain funded project within Loudoun County for a minimum of 2 years post-award;
  • Between zero and 250 employees (no limit on 1099 contractors);
  • Annual pre-COVID revenue of between $50,000 and $8 million;
  • Ability to accept ACH payment if awarded a grant.

More information and application requirements can be found at LoudounBusinessFund.org.

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