Grants coming for small businesses
The industrial development authorities (IDA) for the Town of Farmville and Prince Edward County will be distributing a total of $20,000 — $10,000 from each locality — in grant money, no repayment, to approved businesses, according to a Tuesday, June 23, joint town and county press release.
The release indicated the IDAs are committed to supporting local, small, independently-owned businesses that are experiencing financial hardship.
Grants will be rewarded in amounts as much as $2,000, depending on the number of applicants. The grant is open to all types of businesses that meet the following requirements:
• employ less than 50 people
• earn less than $1 million in annual revenue
• have paid all taxes to the county and the town on time over the last 12 months
• must be currently open (if permitted by the governor of Virginia’s Executive Order) or stipulate plan for reopening when allowed, attempting to remain open for a minimum of six months
Businesses may utilize the grant funds for working capital, including rent, mortgage, payroll, utilities, insurance, supplies and/or inventory.
Applications are posted on the Town of Farmville website, www.farmvilleva.com; the Prince Edward County website, www.co.prince-edward.va.us; and the Farmville Area Chamber of Commerce website, www.farmvilleareachamber.org.
Applications are due Monday, July 6, by 5 p.m.
All applications will be reviewed by a joint committee consisting of board members from both authorities. Determining factors for receiving funds include completeness of application and demonstrated need.
The authorities will make an announcement Wednesday, July 15, on the aforementioned websites and will notify applicants via email. It is possible that not all applicants will receive funding, due to limited resources. However, Prince Edward County has been allocated funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and money from that allocation will be set aside for businesses. More details on the CARES Act funding program for small businesses will be provided soon.
If a business has any questions about the grant program led by the two authorities, it should reach out to email@example.com.