A recent Town Council action will spread the wealth for town-based businesses seeking financial assistance.
During its Feb. 23 meeting, council members unanimously voted to increase the amount of funding set aside for grants to town businesses from $500,000 to up to $1 million. The council had recently opened a new set of grants for local businesses, as long as they met certain eligibility requirements. But, within 72 hours of the application going live last month, the requests had exceeded the $500,000 set aside by the council. Town-based businesses were eligible to apply for $5,000 or $10,000 grants, dependent on a business’ gross annual receipts.
According to Economic Development Director Russell Seymour, the total amount of approved grants came in this week at $875,000. The councilaction ensures that all 150 businesses that applied for a grant and were deemed eligible will receive funding.
As it did for the town’s previous business grant cycles in 2020, which used the town’s share of CARES Act funding, the Loudoun County Economic Development Authority will act as the fiscal agent. Seymour said the goal is to get the grants disbursed to businesses expeditiously.