Arlington County, Virginia, has approved a grant program for small businesses in the county that have been affected by the coronavirus outbreak.
A limited number of grants of up to $10,000 are available when the application process begins next month.
The $674,000 being used to fund the GRANT (Giving Resiliency Assets Near Term) Program is being reallocated from existing Arlington Economic Development grant funds in the fiscal 2020 budget.
“In our outreach to our business community, we’ve heard that access to financial assistance was what they needed more than anything. We’re hoping these funds can bridge the gap for businesses and help them stay afloat during this challenging time,” said Arlington Economic Development Director Telly Tucker.
The grants are available to both businesses and nonprofits with fewer than 50 employees. Those approved for the grant money can use it for salaries and benefits as well as capital and operating expenses.
A recent survey by AED found more than 9 in 10 small businesses call the pandemic extremely or very disruptive to business operations.
Those applying for the grants must demonstrate a revenue loss of at least 35% as a result of the COVID-19 pandemic. Applications will be evaluated through a competitive processes involving a weighted scoring system, looking at the number of jobs retained or supported with funds, length of time in business and whether it is a woman and/or minority-owned business.
Arlington County hopes to have the application process up and running in early May. Businesses who want to apply are encouraged to sign up to be notified when the application process begins.