VIRGINIA BEACH, Va. (WAVY) — A new grant program is hoping to help businesses thrive coming out of the COVID-19 pandemic.
LISC Hampton Roads, the United Way of South Hampton Roads, and the City of Virginia Beach are partnering up to support businesses through a long-term effort.
Last year, the organizations also helped provide immediate relief to businesses and residents struggling.
“We really saw at that time, it was a crisis for a lot of small business,” said LISC deputy director Naomi Gunnell. “We were really fortunate to deploy those funds relatively quickly and be equitable while targeting where they were needed the most.”
But now, they’re working to turn businesses from surviving to thriving mode.
The program will be giving out $10 million in grants for businesses with less than 250 employees and businesses in the tourism, hospitality, and travel industry.
Gunnell says those who apply must show their companies lost at least 15% of their revenue and grants can be used to reimburse expenses for wages and benefits, inventory for ongoing operations, overdue bills payables, weatherization of outdoor spaces, and other operational costs.
“We’ll be providing grants ranging from $10,000 to $50,000 for businesses to really ensure there is that long-term sustainability and understanding that the pandemic is still in full effect,” she said.
In April, LISC Hampton Roads awarded $1.1 million to 49 businesses.
On June 14, they announced that they will be reopening the application portal on July 1. It will close on August 31, 2022.
United Way of Hampton Roads President and CEO Michelle Anderson says their program will connect residents with mentors and coaches to help them meet goals and provide wrap-around services to help them work through obstacles such as transportation, childcare, and other financial problems.
“We always say people are one paycheck away from sliding and that’s what we saw happen. We saw folks in our community working and not making ends meet and going to a lower place mentally and financially. The switch to the long-term solutions is really rewarding,” she said.
For more information, click here.
When applications for the VB Thrive Business Relief Grant Program reopen, Click here to apply.
To meet eligibility requirements, businesses must be licensed with a brick-and-mortar location in Virginia Beach. In addition, applicants must employ between one and 250 employees and demonstrate at least a 15 percent revenue loss resulting from the COVID-19 pandemic. The funds may only be used on eligible expenditures incurred between March 3, 2021, and March 30, 2022, including wages and benefits, past due bills, rent, weatherization, and more.