James City County has allocated $500,000 to the Greater Williamsburg Small Business Relief Fund.
The decision was made during a recent meeting of the Board of Supervisors — the board unanimously voted to allocate savings from the Capital Improvements fund to support a contribution to the work of the Greater Williamsburg Business Relief Fund, which was established by the Williamsburg Community Foundation and the Greater Williamsburg Partnership in partnership with the VA 30 Day Fund, according to a news release from the county.
The Greater Williamsburg Small Business Relief Fund provides forgivable loans to businesses in the Greater Williamsburg region. The funding allocated by James City County will be designated exclusively for county businesses.
Staff from WCF will work with the VA 30 Day Fund to administer the funding, including processing applications and issuing payments to small businesses.
The Greater Williamsburg Small Business Relief Fund was the first public-private partnership fund established with VA 30 Day Fund. James City County is the first locality to allocate and provide oversight to locality-specific funding for the partnership, according to the news release.
The relief fund was established with $10,000 in seed money from the Economic Development Authorities of the city of Williamsburg, James City County and York County.
A full donor list is available on the WCF website.
The fund had grown to $50,000 in contributions and with the addition of $500,000 from James City County, more than 180 local businesses can receive grants.
Small businesses can apply for a $3,000 forgivable loan online.
Applications will be evaluated by volunteers from the Raymond A. Mason School of Business at William & Mary and the Darden School of Business at the University of Virginia.
Only businesses located in James City County will be eligible for grants from the $500,000 allocated by the county, according to the news release.
To qualify, businesses must have operated for at least a year, employ three to 30 people and be owned and operated by a Virginia resident. Businesses must use the grants for payroll, health care costs, rent and utilities.
Businesses are encouraged to repay the loan by depositing funding back into the fund when they are able to “pay it forward.”
If businesses or individuals are interested in donating to the Greater Williamsburg Small Business Relief Fund to support regional businesses, visit the WCF Donation website. If you prefer, WCF can help set up an electronic transfer from a bank account.
For more information, please WCF at 757-259-1660 or office@williamsburgcommunityfoundation.org.
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