Coronavirus

Business Resources: Financing and Loans

Financial/Tax News and Resources

Every business needs access to capital, including in times of customer social distancing and interruptions in supply chains. Here are funding opportunities being offered to Loudoun businesses at this time.

Loans
Grants
Other Financial Information

 

Loans

SBA Disaster Assistance Loan

Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains emergency relief resources for American workers and small businesses.

COVID-19 Economic Injury Disaster Loan (EIDL) Application, apply here.

Payment Protection Program (CARES Act) – Closed

Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, the Small Business Administration is no longer accepting PPP applications from participating lenders.

If you have already applied for PPP, you may review the SBA’s loan details and forgiveness information.

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Grants

Rebuild VA

Update 9/21: Governor Ralph Northam recently announced that Rebuild VA, the $70 million economic recovery fund launched in August, is expanding its eligibility criteria to allow more small businesses to apply.

Businesses that received funding from the federal CARES Act and supply chain partners of businesses whose normal operations were impacted by the COVID-19 pandemic are now eligible to receive grants of up to $10,000. Businesses that have received federal funds must certify that they will only use the Rebuild VA grant for recurring expenses and that the grant will not be used to cover the same expenses as the other CARES Act funds.

Rebuild VA still requires that businesses and nonprofit organizations must be in good standing, have annual gross revenues of no more than $1.5 million, and have no more than 25 employees.

Rebuild VA funding may be utilized for the following eligible expenses:

  • Payroll support, including paid sick, medical, or family leave, and costs related to the continuation of group health care benefits during those periods of leave;
  • Employee salaries;
  • Mortgage payments, rent, and utilities;
  • Principal and interest payments for any business loans from national or state-chartered banking, savings and loan institutions, or credit unions, that were incurred before or during the emergency;
  • Eligible personal protective equipment, cleaning and disinfecting materials, or other working capital needed to address COVID-19 response.

Leesburg Business Infusion

The Town of Leesburg has extended the deadline for Phase 2 of the Leesburg Business Infusion grant program. The online portal will remain open and applications will continue to be accepted.

This second phase of the Leesburg Business Infusion offers five funding tiers:

The LBI Phase 2 offers five funding tiers:

  • Tier 1: Businesses with 2019 annual gross revenue between $2,500 and $9,999 are eligible to apply for a $1,000 grant award.
  • Tier 2: Businesses with 2019 annual gross revenue between $10,000 and $24,999 are eligible to apply for a $2,000 grant award.
  • Tier 3: Businesses with 2019 annual gross revenue between $ 25,000 and $100,000 are eligible to apply for a $5,000 grant award.
  • Tier 4: Businesses with 2019 annual gross revenue between $ 100,001 and $1 million are eligible to apply for a $10,000 grant award.
  • Tier 5: Businesses with 2019 annual gross revenue between $ 1 million and $2.5 million are eligible to apply for a $15,000 grant award.

Please view the website for eligibility criteria and the application link.

Dominion Energy EnergyShare

Dominion Energy is partnering with the Virginia Chamber of Commerce Foundation to temporarily expand its EnergyShare program to assist those small businesses impacted by the Coronavirus pandemic.

Dominion Energy Virginia is pledging $500,000 to help provide energy bill relief for small businesses, nonprofits, and houses of worship in its Virginia service territory. The program funding will be covered by shareholders and will not impact customer rates. Qualified businesses may be eligible to receive one-time assistance with their past due Dominion Energy electric bill balances up to $1,000.

Eligibility criteria include:

  • Must be a for-profit business owned and independently operated, a non-profit with 501(c)(3) status, or house of worship
  • Must have a past due Dominion Energy electric bill
  • Have an annual electric bill amount of $15,000 or less based on 2019
  • Must be licensed to do business in Dominion Energy’s service territory with an active, business account separate from personal account(s)
  • Certify business has loss of revenue due to Coronavirus
  • Employ 50 or fewer people as of January 1, 2020

A link to the application, along with more details about eligibility and exclusions, can be found here.

Virginia 30-Day Fund

The nonprofit Virginia 30 Day Fund was launched by Virginia technology entrepreneur Pete Snyder and his wife, Burson. Working with other business leaders throughout the Commonwealth, the Fund’s goal is to help save as many Virginia jobs as possible while small businesses await recently approved federal funding.

Virginia businesses that qualify for assistance from the Fund are:

  • Small businesses that employ three to 30 people;
  • Based in Virginia and have been operating for at least one year;
  • Owned and operated by a Virginia resident.

To apply, please Click Here.

National Association for the Self-Employed Growth Grants

Worth up to $4,000 each, NASE Members can apply for small business grants. Small business grants are useful for financing a particular small business need. Past recipients used their growth grants for computers, farm equipment, to hire part-time help, marketing materials, website creation and more.

Growth Grant applicants must be a NASE member in good standing for three months prior to submitting an application (annual members may apply immediately. Monthly members may apply 90 days after joining the NASE.) Read more.

USDA Rural Business Development Grants

The Rural Business Development Grants program is designed to provide technical assistance and training for small rural businesses. Small means that the business has fewer than 50 new workers and less than $1 million in gross revenue. Check your business address for eligibility and learn more about the application process on the website.

USDA Coronavirus Food Assistance Program

USDA’s Farm Service Agency is accepting CFAP applications now through August 28, 2020. This program provides direct relief to producers who faced price declines and additional marketing costs due to COVID-19. Find more details and apply here.

Business for All Grants from Hello Alice in Partnership with Verizon

Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis.Incredible leaders and business experts from across industries will be supporting each Business for All Grant winner through video mentorship sessions. Plus, any business owner in the Business for All Community on helloalice.com can collaborate with their peers, any day of the week. Business for All Grants are awarded on a rolling basis. Read more.

GoFundMe.org Small Business Relief Fund

The Small Business Relief Fund will provide one-time matching grants to qualifying small businesses to help alleviate the financial burdens during these pressing times. Donations to the relief fund will be paid out as grants to businesses that qualify, and which businesses have created a fundraiser through the Small Business Relief Initiative or had an existing GoFundMe. For small business fundraisers started prior to March 24 , or outside of the Small Business Relief Initiative partnerships, the organizer can update their fundraiser description with the hashtag #SmallBusinessRelief to be considered for a grant from this fund.

To qualify for a matching grant from the Small Business Relief Fund, the GoFundMe fundraiser must raise at least $500 and verify that your small business has been negatively impacted by a government mandate due to the COVID-19 pandemic. Your small business must be independently owned and operated, and must not be nationally dominant in your field of operation. Each recipient of the matching grant must intend on using the funds to help care for your employees or pay ongoing business expenses. Learn more

Virginia’s Small Business Investment Grant Program

Important Update:

The application period for the Virginia Small Business Investment Grant program has been temporarily closed.

New applications for the Virginia Small Business Investment Grant program will not be accepted until further notice.

An announcement regarding the reopening date for the program will be posted here on October 27th, 2020.

We anticipate that applications for any remaining FY2021 grant funding will be accepted after that date.

All Small Business Investment Grant applications which were submitted prior to October 7th, 2020 will remain in the review queue and you will be notified on or before October 27, 2020 as to the status of your application.

The Small Business Investment Grant Fund was designed to assist Virginia’s small businesses seeking to raise capital in support of their growth. The goal of the grant is to encourage new investment that will provide a long-term benefit by increasing capital investments.

The Virginia Small Business Financing Authority administers the grant and is responsible to certify applicant small businesses, investors, and investments for grant eligibility.

An eligible business must meet all of the following criteria:

  • Be a corporation, pass-through entity, or other entity, (sole proprietorships are not eligible) and,
  • Have annual gross revenues of no more than $5 million in its most recent fiscal year, and
  • Have its principal office or facility in the Commonwealth, and
  • Engaged in business primarily in or does substantially all of its production in the
    Commonwealth, and
  • May not have obtained during its existence more than $5 million in aggregate gross cash proceeds from the issuance of its equity or debt investments, not including commercial loans from financial institutions, and
  • Have no more than 50 employees who are employed within the Commonwealth.

All grant awards are subject to fund availability. Grants shall be the lesser of 25 percent of the qualified investment or $50,000. Lifetime $250,000 maximum per investor and annual $250,000 maximum per small business. VSBFA will begin review of FY21 applications after August 3, 2020. Read more.

Visit Loudoun Foundation’s Tourism & Hospitality Relief Fund

The Visit Loudoun Foundation launched the Loudoun Tourism & Hospitality Relief Fund with $10,000 and asks businesses and individuals contribute in support of Loudoun’s tourism industry professionals impacted by shutdowns and furloughs as a result of COVID-19.

Working in tandem with the Community Foundation’s Emergency Relief Fund, the Loudoun Tourism & Hospitality Relief Fund will provide grants to charitable organizations that provide direct financial support for individuals who are working in—or have immediately formerly worked in—Loudoun tourism and hospitality businesses facing hardship.

The Loudoun Chamber Foundation is launching a pledge matching fundraising campaign to support the effort. More information.
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Other Financial Information

Banks and Other Small Business Financing Services

According to the SBA the most active SBA 7(A) lenders are listed here.

Many major banks have dedicated pages in regards to small business financial services. will be updated as more information becomes available: