New recovery fund announced for small businesses hurt by Richmond’s water crisis
VENN
RICHMOND, Va. (WRIC) -- The City of Richmond announced that a recovery fund designed to benefit small businesses impacted by January's water crisis is coming together, with initial investments totaling $750,000. Businesses will be able to submit applications starting in mid-March.
On Thursday, Feb. 27, the city issued a press release detailing the $250,000 grant it approved for the Metropolitan Business League's (MBL) new "Small Business Recovery Grant Fund."
This fund is meant to help businesses that were "significantly impacted" by the water crisis that sent shockwaves through Richmond and multiple surrounding localities from Jan. 6 to Jan. 11.
The city's $250,000 is in addition to the $500,000 already invested by Richmond's Economic Development Authority (EDA), Dominion Energy and Altria, according to the city -- meaning the grant is launching with $750,000 in initial funding.
The city added that fundraising efforts are ongoing.
Applications will open on March 17 and will close at 11:59 p.m. on March 28. Interested businesses who want to learn more can attend virtual Q&A sessions with the city's Office of Minority Development.
Businesses can sign up for one of these sessions, scheduled for March 6 and 12, online.
"More information about the program, including eligibility criteria, will be available on thembl.org in the coming days," the city said.
A recovery fund for individual residents, the "Family Crisis Fund," was launched in late January. It received over 2,000 applications before its available funds were exhausted. Over $650,000 will be distributed among those whose filings are approved.
