Small businesses and nonprofit organizations in Fairfax County can apply for grants through a new program approved by the Fairfax County Board of Supervisors yesterday (Tuesday).
The Fairfax Relief Initiative to Support Employers (Fairfax RISE) uses $25 million in federal funding from the Coronavirus Aid, Relief and Economic Security (CARES) Act. The program is intended to provide immediate relief for small businesses and nonprofits impacted by the COVID-19 pandemic and “address gaps that may exist among complementary programs,” according to the county.
“Our hope is that these grants will help small businesses and nonprofits be able to emerge from these difficult times by retaining employees and preparing to grow in the future,” Fairfax County Chairman Jeff McKay wrote in a statement.
Businesses and nonprofit organizations can begin applying in early June. Funding will be awarded based on the number of employees, with amounts varying from $10,000 to $20,000. Funding can be used for compensation, capital, equipment, inventory, rent and other critical operating expenses. No grant funds can be used to pay debts to start or close a business.
Here’s more from a press release:
Fairfax RISE will offer grants to qualified businesses or nonprofits that will not have to be repaid. It also specifically establishes a minimum allocation of 30% of the program’s total dollars — or $7.5 million — towards awards for minority-, veteran-, and women- owned businesses.
Not only have these kinds of businesses historically faced difficulty obtaining financing, but they also make a major contribution to the county’s economy. Minority-owned companies with employees account for 32% percent of businesses in Fairfax County, and collectively, all minority, women and veteran-owned businesses employ 80,000 people in the county with total annual revenues of $14.4 billion.
The grant application process is expected to begin in early June 2020. To be eligible, applicants must be established and have one or more location(s) in Fairfax County, including the principal place of business. Fairfax County includes businesses and nonprofit organizations located in the Towns of Herndon, Vienna, and Clifton. Additionally, awardees must have less than 50 total employees across all locations, have been in operation over 1 year; and, with the exception of nonprofits, have a valid Business, Professional and Occupational Licenses (BPOL).
The county also created a microloan fund for small businesses using county dollars.