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Fairfax County launched a $2.5M COVID-19 recovery loan fund

Starting on April 28, eligible small businesses can apply for loans up to $20,000 at 0% interest.

Fairfax County.

(Photo by Flickr user La Citta Vita, used under a Creative Commons license)

Virginia’s Fairfax County Board of Supervisors approved $2.5 million to launch the Fairfax County Small Business COVID-19 Recovery Fund.

This new fund was created to support small businesses in the region that are suffering from the economic fallout of the coronavirus pandemic. Eligible small businesses can apply for loans up to $20,000 at 0% interest. Funding can be used to cover any operational expenses including rent and debt payments.

Loans will be available to for-profit business with one or more commercial locations in Fairfax County that have fewer than 50 employees total and have been in business for two or more years. Businesses must also possess a valid Business, Professional and Occupational License.When applying, some of the required documents to show finances for the past two years include a monthly sales history, tax returns, current profit-and-loss statement.

Some businesses not eligible for the loan program include seasonal companies, banks or financial institutions, home-based businesses and ecommerce companies.

Springfield, Virginia-based Community Business Partnership will administer the program and provide small business counseling. Applications for the program will open up on April 28 on Fairfax County’s website. If accepted, loan payments will be deferred for six months.

This initiative comes a few weeks after Mayor Muriel Bowser announced the DC Small Business Recovery Microgrants Program, which is offering up to $25,000 grants to small businesses residing in the District.

Series: Coronavirus
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