Virginia Allocates $100 Million Rebuild VA Economic Recovery Fund For Small Businesses / Nonprofits

0
A $100 million “Rebuild VA” economic recovery fund has awarded grants to 2,500 Virginia businesses and nonprofits whose normal operations were disrupted by the COVID-19 pandemic. All available funding for Rebuild VA has been fully committed, and the state legislature is expected to pass a new relief package that delivers substantial aid to businesses and families by the end of the year.
Approximately $50 million was awarded to women, minority, and veteran-owned businesses. More than 45 percent of the funding was awarded to 997 small businesses and nonprofits located in low-income and economically disadvantaged communities, and businesses with less than $2 million in annual revenue received 91 percent of the program’s funding. To date, Rebuild VA has received 15,700 applications and the average grant award was $35,636.
“Rebuild VA has been a critical lifeline for thousands of small businesses and nonprofits that are grappling with the ongoing public health crisis and the resulting economic fallout,” said Governor Northam. “Federal support was vital to establishing this program and mitigating the impacts of the pandemic on our economy, but we continue to face tremendous challenges with the virus surging across our country. Now, Congress must come together and quickly pass a bipartisan relief package that includes additional support for struggling families and businesses.”
Rebuild VA, which is administered by the Department of Small Business and Supplier Diversity (SBSD), launched in August with an initial $70 million from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
“This funding reached every corner of Virginia, and we are hopeful Congress will work together this week so we can help more small businesses get back on their feet,” said Secretary of Commerce and Trade Brian Ball. “I commend the entire team at SBSD for its around-the-clock efforts to help get Rebuild VA funding deployed as quickly as possible to small businesses and nonprofits.”
“The amazing stories behind these grant awards is where you will find the resilience of the small business community and the true impact of this funding on the businesses, families, and employees in the communities we serve,” said Tracey G. Wiley, Director of the Department of Small Business and Supplier Diversity. “We thank the Administration for elevating this initiative during the pandemic and we remain committed to working with our partners to meet the demand for this program and provide businesses with the aid they need to carry on.”
For additional information on the Rebuild VA program and answers to frequently asked questions, please visit governor.virginia.gov/RebuildVA.