Fredericksburg Takes Applications For Coronavirus Business Grants

FREDERICKSBURG, VA — The city of Fredericksburg is taking applications from small businesses as part of another round of grants tied to the coronavirus crisis. The city is accepting applications from businesses through 5 p.m. Monday, July 6.

The Fredericksburg City Council, at its Tuesday meeting, endorsed using a portion of its roughly $2.5 million Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, allocation to fund a business-assistance grant program.

Application data will be presented to Fredericksburg City Council at its July 14 meeting, at which time decisions will be made about how much of the city’s CARES Act funds to allocate into the program.

Earlier this year, Fredericksburg and its Economic Development Authority partnered on a $250,000 small business grant program that led to 107 businesses getting grants of up to $3,600.

All businesses interested in a grant in this new round of funding will need to submit an application. Businesses that meet the eligibility criteria will be divided into three separate buckets for three drawings based on their annual gross revenue: businesses with annual gross revenue of less than $100,000; businesses with annual gross revenue between $100,000 and $350,000; and businesses with annual gross revenue of more than $350,000, but not more than $2.5 million.

To be eligible for one of the three grant random drawings, businesses must meet each of the following criteria:

• Have one or more physical locations in the city of Fredericksburg, including the principal place of business. Home-based businesses qualify.
• Be current on all city tax obligations prior to March 1 and be fully permitted.
• Have been in business in the city of Fredericksburg with all appropriate permits and licenses since at least July 1, 2019.
• Annual gross revenue cannot exceed $2.5 million.
• Have documented costs of business interruption caused by government-mandated COVID-19 required closures (not already funded in Fredericksburg’s first round of small business grants). Grant amounts will not exceed documented costs of business interruption caused by COVID-19 required closures.
• Be a for-profit business.

If approved for a grant, applicants may be required to submit additional information for verification, the city said.

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