In response to the impact that Coronavirus (COVID-19) is having on businesses in the Charlottesville community, the City of Charlottesville Office of Economic Development (OED) and the Charlottesville Economic Development Authority (CEDA), are rolling out several new business assistance initiatives to support City businesses during this unprecedented time.
For more information visit www.charlottesville.org/econdev
These efforts are meant to help alleviate the immediate effects that closures and reduced operations are having on City businesses. City businesses are eligible to apply for more than one program and can apply for these in addition to the Small Business Administration’s Economic Injury Disaster Loan (EIDL) and $10,000 Emergency Grant, which are part of the federal government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act. The City’s programs include the following:
Building Resilience Among Charlottesville Entrepreneurs (BRACE) Grant
- Grants up to $2,000 for City businesses
- Focused on resiliency efforts, with some portion of the funding allowed for fixed costs
- Online, rolling application process with a virtual interview
- Reimbursements turned around in seven to ten business days
- Online applications will be released on Wednesday, April 1st
Business Equity Fund (BEF) Resiliency Loan
- Loans up to $5,000 for socially disadvantaged City businesses (i.e., those who have encountered racial or ethnic prejudice or cultural bias because of their identity as members of a group)
- Focused on resiliency efforts and can be used for things such as rent, payroll, paying off existing debt, purchasing new software/inventory that will help the business pivot its model quickly, etc.
- Interest rate up to 3%, 2-year loan term, and payments deferred for 3 months
- Online application process with virtual interview
- Loan applications turned around in seven to ten business days
- Online applications will be released the week of Monday, April 6th
Growing Opportunities (GO) Hire Grant
- Grants in varied amounts for City businesses
- Grants can be used for wage subsidies and training a business’s existing workforce
- Online, rolling application process
- Online applications will be released the week of Monday, April 13th
Interested businesses should check the Office of Economic Development’s website to stay informed as programs are rolled out in the coming weeks – www.charlottesville.org/econdev. Businesses can also contact the OED to be added to the email distribution list, which will be notified when program applications become available. As always, businesses are also welcome to contact our office with any business needs. For more information, please email ecodev@charlottesville.org or call 434-970-3110.
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