Small Biz Focus: Latest Funding Resources for Small Businesses

This column is sponsored by BizLaunch, a division of Arlington Economic Development.

By Tara Palacios

After experiencing a global health pandemic during the last several months, the one thing we’ve learned is the importance of community.

Arlington is made up of dynamic communities bound together and committed in their support of one another, and the local businesses that make up the woven fabric of diverse neighborhoods. Surviving a health crisis is challenging as our way of life as we know it is so vastly different.

In BizLaunch, we are currently working on designing curriculum this summer for our small business community to help aide with challenges facing businesses as we work through this international health crisis. We are committed to introducing the latest round of funding sources offered by the Commonwealth of Virginia and organizations that support small businesses. The following are potential grant opportunities for businesses impacted by COVID-19.

On Monday, the Commonwealth of Virginia announced its RebuildVA Small Business Grant. The Grant has $70 million for small businesses and nonprofit organizations whose normal operations were disrupted by the COVID-19 pandemic. The funding will be made available through Rebuild VA, a new economic recovery fund, and grants of up to $10,000 will be awarded to approximately 7,000 applicants to cover eligible expenses. The application opens August 10, 2020 and you can find specific details about the program here.

Rebuild VA will be administered by the Department of Small Business and Supplier Diversity (SBSD). Eligible businesses and nonprofits must be in good standing, have annual gross revenues of no more than $1.5 million, and have no more than 25 employees.

Eligible organizations include food and beverage establishments, non-essential retail, exercise and fitness, entertainment and public amusement, personal care and personal grooming services, and private campground and overnight summer camps. Businesses must also certify that they have not received federal Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds or other funding from the federal Coronavirus Aid, Relief and Economic Security (CARES) Act as well as local government funding.

Information sessions will be held on July 31 at noon and, August 4th at 9 a.m. and 5:30 p.m.

The following grant opportunities have been compiled by the BizLaunch Team and are available for eligible small business funding. Click on the hyperlinks below for more details:

• LISC — Small Business Grant. Applications accepted through August 3, 2020.
• Red Backpack Fund — Applications open August 3rd and are specific grants for women entrepreneurs .
• VISA and IFundWomen expanded their GRANT program for Black women-owned businesses through July 31, 2020.
• Nav Small Business GRANT

Another summer opportunity is BizTalk. BizTalk is a new series of webinars hosted by BizLaunch which features hot topics of interest. Please join us on August 20th at 10 a.m. as we feature Arlington’s own Alan Zucker who will speak on “Adjusting to Uncertainty.”