Montgomery County and the towns of Blacksburg and Christiansburg on Wednesday launched a grant fund to support small business recovery in response to COVID-19. Eligible businesses can receive one-time grants of up to $27,500.
The Small Business Recovery grant program is funded by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and funding will be administered by all three localities in partnership with the Montgomery County Chamber of Commerce, Downtown Blacksburg Inc., Downtown Christiansburg Inc. and the Blacksburg Partnership.
Funding may be used for expenses including payroll, lease and mortgage payments, utilities, insurance and equipment purchases. Eligible businesses are those that have been in operation for at least one year prior to March 1, can demonstrate impacts due to COVID-19 and must have at least a half-time employee, but no more than 50 full-time employees.
Banks, financial services institutions, nonprofit organizations and franchise businesses are not eligible for funding, but funding for childcare centers and nonprofits may be available in the future.
Applications for funding are open through Sept. 20 and grant distribution is scheduled to begin in November.