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Posted on: June 4, 2020

County Announces Criteria for $5M “Back in Business” Grant Program

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Economic Development

June 3, 2020

CHESTERFIELD, VA - At their May 27, 2020 meeting, the Chesterfield County Board of Supervisors approved $5 million dollars of the County’s Coronavirus Aid, Relief and Economic Security (CARES) Act funding to be earmarked for a grant program to support small businesses negatively affected by COVID-19. The grant program, “Back in Business” is a partnership with Chesterfield County and the Chesterfield Chamber of Commerce. The $10,000 grants are designed to provide immediate relief to businesses to help them remain in business through the COVID-19 pandemic and prepare for reopening under the guidelines of Forward Virginia.

Criteria for eligibility has been finalized and applications are anticipated to be open in mid-June. To be eligible for the grants a business:

  • Must be a for-profit business entity with a place of business located in Chesterfield County; 
  • Must have been in business for a minimum of 2 years; 
  • Must have at least $200,000 but no more than $2 million in annual gross revenues;
  • Must be able to demonstrate at least a 25% loss in revenue that can be attributed to COVID-19;

Franchises must be headquartered in Chesterfield County and are eligible for only one $10,000 grant regardless of the number of locations in the County.

Funds are meant to reimburse businesses for the costs of business interruption caused by required closures due to COVID-19. The grant can be used for:

  • Employee compensation (including wages and benefits)
  • Working capital
  • Equipment Inventory
  • Rent
  • Other business critical operating expenses

Small businesses are a critical component of Chesterfield’s economy. They are typically an important source of job creation, spurring innovation and competition and driving productivity and growth. These businesses have been hit especially hard by the crisis, as they often have fewer resources to draw on during a slowdown. The “Back in Business” grants hope to address the funding gaps these businesses may have experienced with other assistance programs through the COVID-19 emergency.

Applicants will be required to demonstrate that they are eligible, that they were operational pre-COVID-19, and that they are suffering negative impacts from COVID-19 closures. Applicants will be asked to provide:

  • Copies of 2 years of their most recent filed tax returns or form 990s
  • IRS W-9
  • A Financial Statement of Impact

“We highly value the contributions made by our small businesses to the County’s economy. Our hope is this grant can help sustain these businesses that have been hit especially hard by this pandemic as we continue our recovery.” said Leslie Haley, Board of Supervisor Chair.

“Small businesses are like families, we know them well. We’ve grown together over the years. Every business is hurting right now, and we know this program won’t be able to help them all. It is our hope, however, that these grants can help some of our small business overcome this challenging time.” said Joe Casey, County Administrator.

“The grant is essential to meet immediate needs of businesses who have otherwise not had financial help during the pandemic. The amount is meant for impact now without lots of legalize to get through.” said Danielle Fitz-Hugh, Chesterfield Chamber President and CEO.

Additional details on the eligibility criteria and application dates, as they become available, can be found at www.ChesterfieldBIB.com

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