More small businesses than originally expected were selected to receive grants from the county’s Business Interruption Fund Friday, with 201 businesses set to get money instead of the planned 177.
The county’s Business Interruption Fund had pools of money set up for businesses of different sizes, but relatively few businesses with upwards of 50 employees—the largest size category—made qualifying applications. That refocused the grant money toward smaller businesses.
Businesses in the largest category, with between 51 and 100 employees, were also eligible for the largest grants. $10,000 grants were available for up to 66 businesses.
But only six companies made qualifying applications. The rest of that money was redistributed, meaning not only will all six of those companies receive funding, but so will all 50 certified applicants in the smallest category, which includes businesses in the Loudoun Made, Loudoun Grown program with up to two employees. They will receive $5,000 grants.
That also meant many more businesses with 3-50 employees were selected for grants. Originally, up to 74 businesses were expected to get $7,500 grants. Now, almost twice that many, 145, will receive grants, out of a pool of 671 qualifying applications. In total, $1.09 million is expected to be distributed to those businesses.
Loudoun Economic Development Executive Director Buddy Rizer drew those winners randomly in a live-streamed event at 2 p.m. Friday. View the video on the department’s Facebook page.
“Should you not receive money today, we remain very wiling and anxious to help, so please contact the Department of Economic Development, let us know how we can help your business,” Rizer said. “We’re all in this together, and we all want to work together to Loudoun out on the other side.”
Businesses that applied but did not qualify were disqualified mostly due to not having three employees or having more than 100, not being able to show 25 percent in losses, or exceeding the $2.5 million annual receipts threshold.
According to the department, all grant-receiving applications and business names will be posted on LoudounBusinessFund.org, and contacted via email to discuss next steps, which includes providing financial information for the Economic Development Authority to coordinate the payout.
All applicants that did not receive funding will also be contacted with additional resources and funding opportunities to consider.
The money comes from a $1.4 million fund, which included $1.15 million transferred by the Board of Supervisors from funds normally used to incentive new businesses, as well as another $250,000 dedicated by the Loudoun Economic Development Authority.
During the 72-hour window to apply, which ran from noon April 29 until noon May 2, there were 1,247 applications made. After discarding duplicate applications and checking applicants to make sure they qualify with the help of Treasurer Roger Zurn and Acting Director of Finance and Budget Janet Romanchyk, there were 671 qualifying applications in total.