2,500 small businesses, nonprofits benefit from Rebuild VA fund
Gov. Ralph Northam announced Wednesday that the $100 million Rebuild VA economic recovery fund has awarded grants to 2,500 Virginia businesses and nonprofits whose normal operations were disrupted by the COVID-19 pandemic.
All available funding for Rebuild VA has been fully committed, and Gov. Northam is again calling on Congress to take swift action and pass a new relief package that delivers substantial aid to businesses and families by the end of the year.
Rebuild VA, which is administered by the Department of Small Business and Supplier Diversity (SBSD), launched in August with an initial $70 million from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. In October, Gov. Northam directed an additional $30 million in CARES Act dollars to expand the program.
“This funding reached every corner of Virginia, and we are hopeful Congress will work together this week so we can help more small businesses get back on their feet,” said Secretary of Commerce and Trade Brian Ball in a news release. “I commend the entire team at SBSD for its around-the-clock efforts to help get Rebuild VA funding deployed as quickly as possible to small businesses and nonprofits.”
Approximately $50 million was awarded to women, minority, and veteran-owned businesses. More than 45% of the funding was awarded to 997 small businesses and nonprofits located in low-income and economically disadvantaged communities, and businesses with less than $2 million in annual revenue received 91% of the program’s funding. Rebuild VA received 15,700 applications and the average grant award was $35,636.
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