Virginia Allocates $100 Million Rebuild VA Economic Recovery Fund, Benefitting 2,500 Small Businesses and Nonprofits Impacted by COVID-19 Pandemic
Unprecedented times call for extraordinary measures. In the order to combat the COVID-19 economic downturn, the Northam Administration launched the $100 Million Rebuild!VA grant program for small businesses and non-profits. Governor Ralph Northam announced yesterday that the $100 million Rebuild VA economic recovery fund has awarded grants to 2,500 Virginia 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. To date, Rebuild VA has received 15,700 applications and the average grant award was $35,636.
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, Governor Northam directed an additional $30 million in CARES Act dollars to expand the program.
All available funding for Rebuild VA has been fully committed.
“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. “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.”
For additional information on the Rebuild VA program and answers to frequently asked questions, please visit governor.virginia.gov/RebuildVA.