There’s no question that a lot of small businesses need help because of the economic slowdown caused by Covid-19. And there is help out there. Recently passed federal options like the Paycheck Protection Program received a lot of attention, even though many small businesses never received any funds. If you missed out on federal funds, we’ve found alternatives for you. Here’s a list of places employers can turn to for monetary and other types of assistance during this pandemic.
Corporate Grants – Several large companies have committed to funding grants designed for their smaller counterparts. Sarah Blakely, founder of Spanx, is partnering with The Red Backpack Fund to donate $5 million dollars to support female entrepreneurs in the wake of COVID-19. One thousand women will receive $5,000 each. The James Beard Foundations is launching a fund that will provide micro-grants to independent food and beverage businesses in need. Go Fund Me is giving out $500 matching grants to small businesses that raise $500 in a GFM campaign. And the Coty Beauty Fund will award $1,000 grants to 200 beauticians through their Hair Dressers at Heart program. These are just some of the grants that out there, and more foundations are announcing assistance programs every day.
Local Programs – Here in Northern Virginia municipalities are developing their own programs to offer small business owners financial relief. The Alexandria Economic Development Partnership is readying a $4 million grant program to help restaurants, stores & offices reopen safely. Fairfax County has launched a small business micro-loan program. The micro-loans will be available 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, been in business for 2+ years, and possess a valid Business, Professional and Occupational License (BPOL) to qualify. And the Virginia 30 Day Fund is a non-profit offering forgivable loans to Virginia small businesses.
Non-Monetary Help – Reservations app Seated launched a new free hotline to put restauranteurs in touch with financial and legal experts. Locally, the news website TysonsReporter.com is offering ad space in their newsletter and community listings free of charge to small businesses.
There has been a lot of bad news for small businesses, but there are options. At VersTel Solutions, we are open for business and ready to help you get your business back on track. Our new Process Management service can help you streamline your processes and make it easier for remote workers to feel connected. Contact us to see if how we can improve your business.