The Loudoun County Board of Supervisors this week approved $1.15 million to benefit local small businesses that have lost revenue due to the coronavirus pandemic.
The fund was created by the Department of Economic Development and the Loudoun Economic Development Authority and will provide $7,500 to $10,000 in grant funding for businesses in need.
Businesses can qualify for the funds if they:
• Have between three and 100 employees
• Demonstrate a loss of revenue of 25% or more directly related to COVID-19.
• Have less than $2,500,000 in gross receipts annually.
• Are licensed and operating business in Loudoun County.
The application will go live on April 29 at LoudounBusinessFund.org. Applicants will have 72 hours to complete the application. Once complete a department staff member will contact the business directly to confirm application details and answer any questions they may have. Recipients of the grants will be chosen by a random drawing during the middle of the following week. Funds will be distributed the first week of May.
For businesses with fewer than three employees, the board approved an additional $150,000 with a total grant amount of up to $5,000. Applications can be filed through the same link.