Earlier this month, the Board authorized the establishment of a $2.5 million microloan fund to support small business recovery. Along with the federal SBA loans and grants, the Small Business COVID-19 Recovery Fund and associated counseling will help our business community with needed relief. Small businesses can apply for loans of up to $20,000 at 0% interest.
Through an existing partnership with the County, the Community Business Partnership (CBP) will administer the program and provide this counseling. The microloans will be available through the CBP to "for profit" businesses with one or more commercial locations in Fairfax County, including the principal place of business. Applicants must have less than 50 employees, have been in business for 2+ years and possess a valid Business, Professional and Occupational License (BPOL) to qualify. Loans can be used to cover working capital, equipment, rent, debt payments, and other operating expenses.
The CBP and Fairfax County will utilize a lottery process in order to proceed with applications. Complete the Eligibility Form
online to be entered into the lottery.
The Eligibility Form became available this morning and will remain open until midnight on April 30, 2020. If you are chosen through the lottery, you will be invited to apply.
Principal repaid to this microloan program will be deposited into a revolving loan fund, which will continue to deliver growth capital to small businesses for the recovery period and beyond. This program was created by the Fairfax County Board of Supervisors and is funded from the Economic Opportunity Reserve. The Board created the reserve to stimulate economic growth and make strategic economic investments.
