HAMPTON ROADS, Va. - The Virginia Small Business Resiliency Fund program was recently launched and more than $9 million was awarded in grants to 12 projects throughout the state.
Before Northam's departure, he announced the launch of the new program with $9.7 million in funding that will help organizations to create programs and products to expand access to capital and provide technical assistance for COVID-19 impacted small businesses.
The Department of Housing and Community Development developed the fund with the purpose of supporting Virginia-based community development financial institutions (CDFIs).
The General Assembly allocated $10 million to establish a fund that would provide grants to CDFIs, community development enterprises. CDFIs are private financial institutions certified by the U.S. Department of Treasury to deliver responsible, affordable financing to historically underbanked and underserved people, small businesses, and communities.
“Access to capital remains a challenge for small businesses during the COVID-19 pandemic,” said Secretary of Commerce and Trade Brian Ball. “This funding will help meet the needs of and provide services to underserved businesses so they can thrive in their communities.”
The following local projects will receive 2022 Virginia Small Business Resiliency Grant Awards:
- Local Initiatives Support Corporation’s Small Business Capital Access Fund $1.5 million
- Local Initiatives Support Corporation (LISC) | Cities of Chesapeake, Colonial Heights, Hampton, Hopewell, Newport News, Norfolk, Petersburg, Portsmouth, Suffolk, and Virginia Beach
- LISC Virginia and LISC Hampton Roads will create the Small Business Capital Access Fund to provide 0% interest, no-fee recoverable grants between $10,000-50,000 to small businesses, with priority consideration given to minority-, woman-, veteran- and immigrant-owned small businesses. LISC will expand their respective target markets into the Tri-Cities (Petersburg, Hopewell and Colonial Heights) and the Greater Hampton Roads (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk and Virginia Beach). Capacity will be improved through the contract of business coaches to provide critical assistance to 60 small businesses.
- Southeast Rural Community Assistance Project’s Virginia Small Business Resiliency Fund $589,180
- Southeast Rural Community Assistance Project Inc. (SERCAP) | Counties of Accomack, Alleghany, Amelia, Amherst, Appomattox, Augusta, Bath, Bedford, Bland, Botetourt, Brunswick, Buchanan, Buckingham, Campbell, Caroline, Carroll, Charles City, Clarke, Craig, Cumberland, Dickenson, Dinwiddie, Essex, Floyd, Fluvanna, Franklin, Giles, Gloucester, Grayson, Greensville, Halifax, Hanover, Henry, Highland, Isle of Wight, King and Queen, Lancaster, Lee, Lunenburg, Madison, Mathews, Mecklenburg, Montgomery, Nelson, Northampton, Northumberland, Nottoway, Orange, Page, Patrick, Pittsylvania, Powhatan, Prince Edward, Prince George, Pulaski, Roanoke, Rockbridge, Rockingham, Russell, Scott, Shenandoah, Smyth, Southampton, Surry, Sussex, Tazewell, Washington, Westmoreland, Wise, and Wythe
- Southeast Rural Community Assistance Project Inc. (SERCAP) will increase its available loan capital, providing accessible and affordable financing products to underserved businesses in rural areas of the commonwealth, with an emphasis on those directly impacted by COVID-19. SERCAP will provide $150,000 in technical assistance to microenterprises, deploy $665,000 in microloans to more than 40 businesses, and utilize $100,000 for staff administration of programming.
For a full list of the projects across the Commonwealth that will receive funding, click here.
