New grant available for minority-owned businesses in Charlottesville, Albemarle Co.

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Published: Sep. 4, 2020 at 4:15 PM EDT
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ALBEMARLE COUNTY, Va. (WVIR) - Minority-owned businesses in Charlottesville and Albemarle County are eligible for a new grant aimed at helping them recover from losses due to the coronavirus pandemic.

The Minority Enterprise COVID Recovery grant will be made available to five businesses. Recipients of the grant will receive $8,750 and a five-year membership in the Minority Business Alliance. If a selected business is already a member of the MBA, the amount received will be increased to $10,000.

The grant is made possible by the Charlottesville Regional Chamber of Commerce and the United Way of Greater Charlottesville in partnership with the Minority Business Alliance.

Applications are due by 5 p.m. Tuesday, September 15.

According to the Charlottesville Region Chamber of Commerce website, the eligibility requirements as well as the uses of the grant money are as follows:

Eligibility Criteria:

  • Minority-owned (see definition below*)
  • Place of business and minority-owner residence must be located within Albemarle County or the City of Charlottesville
  • In business for a minimum of 12 months
  • Annual net revenues** less than $250,000; or,
  • Annual net revenues less than $500,000 if employing at least 3 full-time positions
  • Must be able to reasonably describe the impact of COVID-19 and how the business will use the funds
  • Must be willing to provide a six-month report on how funds were used as described in the application, and a status update on the business. Preferably will provide statistical or financial information
  • Must join the Minority Business Alliance. A five-year membership is provided to each grant recipient. If already a member, the grant amount will increase to $10,000.
  • Must not be in the process of shutting down.

*Definition of Minority Business: Sole proprietorship or LLC, minority-owned. At least 51% owned by one or more minority individuals (African American, Asian American, Hispanic American, or Native American) who are United States citizens. Virginia Department of Small Business and Supplier Diversity

**Net revenues = gross revenues less cost of goods sold

Authorized Uses of Grant Funds:

  • Payroll
  • Rent
  • Inventory
  • Advertising & promotion
  • Accounts payable for eligible expenses no more than 30 days past due
  • Another innovative purpose that supports small business as alternative sources of employment

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