Metropolitan Business League launches COVID-19 relief fund for businesses

Metropolitan Business League launches COVID-19 relief fund for businesses
Money (Source: Pexels)

RICHMOND, Va. (WWBT) - The Metropolitan Business League has launched a relief fund for businesses impacted by COVID-19 and social justice demonstrations.

The CARE RVA Rebuild Project, which is in partnership with Venture Richmond, Virginia Community Capital and Virginia LISC, will help provide emergency funds for small, women and minority-owned businesses that have been financially impacted.

The project will also “provide clean up, professional services and counseling in the areas of insurance, legal, and architectural design for qualified businesses.”

Funds can be used for employee compensation, working capital, equipment inventory, rent, mortgage, critical operating expenses, insurance deductibles or denied claims.

Eligibility requirements for the funding include:

  • Small, women and/or minority-owned businesses
  • Richmond region-based for-profit, non-profit or franchise (locally owned) business
  • In operation for 2 years or more
  • 2 to 100 employees
  • Suffered a negative economic impact from COVID-19 or social justice demonstrations
  • Must have a brick and mortar location
  • Must have at least $50,000 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 or the social justice demonstrations

“All funding will be awarded on a first-come, first-served basis to those that meet the eligibility requirements. It is anticipated that each eligible small business will receive a grant ranging from $2,500 to $10,000 to help offset the negative impacts of COVID-19 and the social justice demonstrations on their operations,” a release said.

Applications open on Sept. 21 and are due by 11:59 p.m. on Oct. 5. Grants will be awarded on Oct. 15.

Copyright 2020 WWBT. All rights reserved.