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8/27/20

A Nearly $1M Fund for Richmond Area Small Businesses

Grants ranging from $2,500 to $10,000 will be distributed to more than 100 local RVA businesses in 2020

In partnership with the Metropolitan Business League, Venture Richmond announces the We Care RVA Rebuild Project, a continuing effort to support small, women and minority-owned businesses financially impacted by the COVID-19 pandemic and social justice demonstrations. This project will provide emergency funding, crisis tools and resources and small business coaching for impacted businesses. For qualified businesses, the We Care RVA Rebuild Project will also provide clean up, professional services and counseling in the areas of insurance, legal and architectural design. Other project partners include Virginia Community Capital (VCC), ChamberRVA and Virginia LISC. This project is supported by Dominion Energy, Altria, Capital One, Robins Foundation and the Community Foundation. The first application period opens on Monday, September 21st with a second application period expected later this year.

Applications Are Live: Monday, September 21

Check your eligibility requirements and get all of your questions answered so you are ready to get your application in before the October 5th deadline

Eligibility Requirements:

  • Small, women and/or minority-owned businesses
  • Richmond region based for profit, non-profit or franchise (locally owned) business
  • In operation for 2 years or more
  • 2 to 100 employees
  • Suffered a negative economic impact from COVID-19 or social justice demonstrations
  • Must have a brick and mortar location
  • Must have at least $50,000 but no more than $2 million in annual gross revenues
  • Must be able to demonstrate at least a 25% loss in revenue that can be attributed to COVID-19 or the social justice demonstrations

What are eligible uses of the We Care RVA Rebuild Project funding for businesses?

  • Employee compensation (including wages and benefits)
  • Working capital
  • Equipment Inventory
  • Rent/ mortgage
  • Other business-critical operating expenses
  • Insurance deductibles or denied claims

What supporting documentation is required?

  • Copy of most recent filed tax returns or Form 990
  • IRS W-9
  • A financial statement of impact

Will all eligible small businesses receive funding, or is this a competitive process?

All funding will be awarded on a first come, first served basis to those that meet the eligibility requirements. It is anticipated that each eligible small business will receive a grant ranging from $2,500 to $10,000 to help offset the negative impacts of COVID-19 and the social justice demonstrations on their operations.

Is a business owner considered an employee? Yes

Do 1099 or contract employees qualify as employees? Yes

How will I know my application has been received? You will be notified by email.

If I have received funds from the Small Business Administration from the Paycheck Protection Program or the Emergency Injury Disaster Loan program, can I still be eligible for the We Care RVA Rebuild Fund? Yes

What are the key program deadlines?

  • Launch Date: Thursday, August 27
  • Applications Open: Monday, September 21
  • Application Deadline: Monday, October 5
  • Recipients Notified: Thursday, October 15

Find more information about the We Care RVA Rebuild Project here!