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$1.6M fund to help NRV businesses

By MELINDA WILLIAMS

melinda@southwesttimes.com

Pulaski and three other New River Valley counties have joined forces to establish a $1.6 million fund that will make $15,000 loans available to small businesses to offset impacts of the COVID-19 pandemic.

New River Valley Small Business Resiliency Grant is funded with a Community Development Block Grant from Virginia Department of Housing and Community Development. The grant’s purpose is to assist eligible localities mitigate the pandemic’s impact on the regional economy. Giles County is administering the grant for all four counties.

Grants of up to $15,000 each are available to eligible small businesses in Pulaski County, towns of Pulaski and Dublin, Floyd County, town of Floyd, Giles County and towns of Pearisburg, Narrows, Pembroke, Rich Creek and Glen Lyn, and Montgomery County. Due to the source of funding for the grant, Blacksburg, Christiansburg and Radford businesses are not eligible.

Eligible businesses must:

  • Be locally or regionally owned and be located in an eligible jurisdiction of the New River Valley.
  • Have 20 or fewer full-time or full-time equivalent employees (40 hours per week) at the time of application date.
  • Have been in operation by March 12, 2020 and must be realizing a direct negative impact from the pandemic. For example, have revenue loss, reduced sales, closure or suspended operation, employment decline or business interruption.
  • Have eligible expenses not already covered by other CARES funding or any other support funding source, such as PPP, local COVID-related grants, Rebuild Virginia grants, etc.
  • Be current on all fees, permits and taxes as of March 1, 2020.

Eligible expenses include up to six months of rent or mortgage payments and/or expenses directly related to COVID-19 that were incurred between March 12, 2020 and the date of the application; equipment purchased since March 12 to help business maintain social/physical distancing; PPE expenses for employees or customers purchased since March 12 and used in the business to sustain operations; technology or subscriptions to assist with navigating the public health situation, and cleaning or maintenance supplies or services.

Applications are now being accepted for review and funds will be dispersed on a rolling basis.

To apply for a grant, visit gilescounty.org or pick up an application at county and town administration buildings throughout the NRV. Questions regarding eligibility and other matters related to the grants can be directed to tourism offices serving the business’ jurisdiction.

 

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