Covid -19 Small Business Assistance
SBA PPP PROGRAM
The Small Business Administrations will resume accepting PPP loan applications on Monday, April 27 at 10:30 am EDT from approved lenders on behalf of any eligible borrower. This will ensure that the SBA has properly coded the system to account for changes made by the legislation. Please check with your lender to see if they are currently taking applications. For more information or eligible lenders please visit the SBDC web site.
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
As of April 27, 2020 this program is still closed.
If you are unsure of the status of your EIDL application you can call 877-641-8202 or email email@example.com
For the most up to date information on grants and loans and small business assistance please go to:
Lord Fairfax Small Business Development Center
FAUQUIER COUNTY EMERGENCY MICRO LOANS
The Fauquier Micro Loan Program has been revamped to serve as an emergency loan program for small businesses in the County in response to the Covid-19 crisis. This fund is now targeted to putting needed resources into the hands of our entrepreneurs swiftly and with a minimum of red tape. It can accommodate adaptive actions that help firms remain solvent and could also supplement the ongoing costs of doing business until other resources become available.
The fund was created several years ago as a means of providing accessible micro loans within the grasp of our many small businesses. The program was launched with a stake from five local banks and the Economic Development Authority and still has just over $40,000 available. Participating banking partners are The Fauquier Bank, Atlantic Union Bank, SonaBank, and Oak View National Bank.
Although the total pot is modest, loans of up to $5,000 are expected to provide some relief to businesses in need of immediate relief. See below for the particulars:
- Must have a current Fauquier County Business License
- Summary about business (how long in business, services/products offered, hours of operation, track record prior to the Covid-19 crisis)
- Description of impact of Covid-19 on the business and alterations, current or proposed, to existing business model that are designed to remain viable
- Details about how the funds will be used
- Tax Returns for 2018 and 2019 (or 2017 and 2018)
- W-2’s, 1099’s for personal guarantors, IF RELEVANT
- Balance Sheet and P & L for business as of 12/31/2019
PURPOSE OF THE LOAN: Can be used temporarily for ongoing expenses such as payroll, leases, insurance, or other operating expenses or for adaptive costs such as purchase of e-commerce equipment/website creation and/or upgrade of online sales site
LOAN SPECIFICATIONS: Maximum loan amount $5,000, Interest rate capped at 3%
REPAYMENT TERMS: Payments to begin 6 months after loan originated, 1st year interest only, next 2 years P & I amortization
FOR LOAN APPLICATION AND CHECKLIST OF REQUIRED DOCUMENTS, Contact Beverly.Pullen@fauquiercounty.gov
Fauquier County Emergency Assistance Grant
Fauquier County announced today that it is adding a new grant program to complement the Emergency Relief Micro Loans already in place to support local businesses during the COVID-19 crisis.
Funded by the Fauquier County Economic Development Authority, the new grants can provide up to $2,500 to Micro and Small Businesses anywhere in the County to help them hold on, adapt and survive the current economic downturn. The grant program is a newly minted addition to the local aid available from the County Emergency Relief Micro Loan Program and the recently announced HOT Loans from Experience Old Town Warrenton. This County grant fund parallels HOT Loans developed by EOTW that are available to businesses within the Warrenton Main Street District with funds that will be available to small businesses throughout Fauquier County.
Grant applications will be accepted by the Department of Economic Development beginning Wednesday April 29th; projects will be funded on a rolling basis. Applicants must have a current Fauquier County business license and must demonstrate the needs created by the impact of COVID-19 for their business and how the requested grant would assist them in strengthening their position. First time applicants for Department/EDA grants and businesses that qualify as “Micro” enterprises (25 employees or less) will be given priority. Otherwise, the program is quite flexible.
THE GRANT APPLICATION IS AVAILABLE ON LINE Here
For more information on the grants and/or the revolving loan program see the Economic Development page on the county COVID-19 hub site at https://bit.ly/2S90SUL
Businesses are encouraged to contact Laura.Torpy@Fauquiercounty.gov or 540-422-8270 for questions.
The Department of Economic Development is charged with growing businesses, attracting travelers and leveraging new investment in Fauquier County. Programs are designed to provide support to firms who are doing business or hoping to do business in the County, to expand the commercial tax base and to create/upgrade jobs for Fauquier County residents.
The new Micro-Loan Program is intended to help small, growing firms obtain small amounts of financing (up to $10,000) that will contribute to their ability to thrive. Micro-Loans offer competitive interest rates, are typically 2 - 3 year terms, and can be used for working capital, inventory or supplies, furniture or fixtures, and/or machinery or equipment.
Workforce Development Program
The Southeastern Alternative School (SAS) has added a new course to the Construction Trades options available through Fauquier County Schools. The new program offers students at the school an overview of the construction trades and features as much time on various sites as it does in the classroom. This kind of hands-on teaching is consistent with the school philosophy and will expand the horizons for SAS students.
The instructors for this program feature men and women who work in the construction trades and includes discussion of career options in this industry. The program is complementary to the new Lord Fairfax programs in HVAC and Electrical, which launched in January 2016.
This course is a product of a unique partnership between Fauquier Schools, the Fauquier County Department of Economic Development, and the Virginia Tech School of Construction. The County helped initiate the program as a way of further developing our community workforce and insuring that industry needs will be met. It is expected that this program will be followed by additional courses that could explore an expanding array of topics and a larger and larger number of Fauquier students.
In addition to an exceptional quality of life, a location on the cusp of the D.C. Metropolitan area, and access to a global community, Fauquier County also offers the following incentives to new and existing businesses. Find more detailed information on these incentives, on our website:
- Special Incentive Zones
- Processing Fee Waivers
- Tax Rebates
- Accelerated Business Review Process
- Lowest Tax Rates in Northern Virginia
- Technology & Tourism Grants
- Fauquier County Economic Development Authority (EDA)
- Virginia Inland Port (just 26 miles west of Fauquier)
- Virginia Jobs Investment Program (VJIP)
- Virginia Small Business Financing Authority (VSBFA)
- Governor’s Opportunity Fund
- Tax Exemptions and Credits
- State Incentive Grants
Mason Enterprise Center-Warrenton
Fauquier's first incubator/accelerator, the Mason Enterprise Center, opened in 2013 on Main Street in Warrenton. That center offers co-working space as well as private office space, and has done so well that it recently added additional private offices.
Fauquier Enterprise Center-Marshall
The new Marshall incubator, which opened its doors in October 2015, features seven offices available for rent by qualifying businesses, a large conference and event room and state-of-the-art technology and equipment. This incubator is located just off Main Street and Route 66 in Marshall.
Fauquier Enterprise Center-Vint Hill
In November 2015, Fauquier County's third incubator/accelerator opened in Vint Hill next to Lord Fairfax Community College's Vint Hill satellite campus. This incubator offers eight offices, a large conference and event room, a kitchen, and state-of-the-art technology & equipment.
"The Fauquier Enterprise Centers have the capability of helping several small and start-up business owners who may otherwise work from home with inadequate Internet services and in locations that are difficult for their clients to get to," explained Jennifer Goldman, owner of Resonance, LLC, the company Fauquier County contracted to open and manage both Fauquier Enterprise Centers.