Chesterfield Announces 2nd Round of “Back in Business” Grants with New and More Flexible Criteria

 Round Two Opens June 29, 2020

Chesterfield County Board of Supervisors announced last month that the County would use $5 million of its Coronavirus Aid, Relief and Economic Security (CARES) Act Federal funding to create a small business relief fund that would aim to get direct funding to those businesses most impacted by COVID-19.  

Round Two will be open to a broader segment of Chesterfield’s small businesses. Businesses that received prior assistance through the federal programs will now be eligible to apply. Round Two will also allow for a larger range of annual gross revenues to qualify and adjusts the grant awards on a sliding scale, based on the size of the business applying.  With these changes, we expect a more robust 2nd round of funding. 

To be eligible to apply for Round Two, a business: 

  1. Businesses that have received other funding assistance, including PPP and/or EIDL, ARE NOW ELIGIBLE.
  2. Must be a for-profit business entity with a place of business located in Chesterfield County; 
  3. Must have been in business for a minimum of 2 years; 
  4. Must have at least $30,000 but no more than $3 million in annual gross revenues for the past 2 years;
  5. Must be able to demonstrate at least a 25% loss in revenue that can be attributed to COVID-19;
  6. Franchises must be headquartered in Chesterfield County and are eligible only for one grant regardless of the number of locations in the County;

Grant amounts will be awarded to eligible businesses on a sliding scale, based on Annual Gross Revenues:

  1. Annual Gross Revenues of $30,000 to $49,999 are eligible for a grant in the amount of $5,000;
  2. Annual Gross Revenues of $50,000 to $199,999 are eligible for a grant in the amount of $7,500;
  3. Annual Gross Revenues $200,000 to $3 million are eligible for a grant in the amount of $10,000.

What businesses are NOT eligible to apply?

  1. Businesses that are franchises and chains that are not headquartered in Chesterfield County are not eligible to apply.
  2. Independent contractors operating multilevel or network marketing businesses (such as Avon, Mary Kay, 5LINX, Pampered Chef, etc.) are not eligible to apply.
  3. Independent contractors working on gig platforms (such as Airbnb, Fiverr, Uber, Lyft, Instacart, etc.) are not eligible to apply.
  4. Nonprofit organizations are not eligible to apply. 
  5. Businesses engaged in speculation or investment in rental real estate are not eligible to apply.
  6. Businesses determined to be Ineligible Businesses under SBA guidelines are not eligible to apply. 

Applications for Round Two will open at 12:00 PM on Monday, June 29, 2020, and close at 12:00 PM on Thursday, July 2, 2020. Applications will be accepted through a secure online portal, available at www.ChesterfieldBIB.com. Businesses can go to ChesterfieldBIB.com to find detailed program eligibility criteria, a list of Frequently Asked Questions, and the Terms and Conditions of the program. Businesses can also register to be notified by email when new information is available and when the application goes live. Businesses that applied for Round One funding and did not receive an award will only need to go to their online application, when the application window is open, to make any necessary modifications and re-submit.

Round One of the funding closed on June 18, 2020, and specifically targeted businesses that were not eligible or able to receive any funds from the federal stimulus program. Round One also targeted businesses that were more likely to be able to keep people employed, to bring employees back to work, or add new jobs. 

Information on additional documentation that will need to accompany the application and the link to the online application will be posted on www.ChesterfieldBIB.com. 

###

About Chesterfield Economic Development: Chesterfield Economic Development works on a free and confidential basis with domestic and foreign companies planning to establish new facilities, relocate existing facilities, or expand current facilities. The department also assists existing businesses and industries already located in Chesterfield with any business-related issues. CED staff members will assist with site selection requirements, information and research needs, public relations and relocation services, small business issues, or streamlining regulatory processes.

About Chesterfield Chamber of Commerce: To be the champion for the business community, fostering growth and development, transformational relationships, and a thriving environment in Chesterfield County. To learn more about our organization and how we can be “Your Key to Business” please visit www.chesterfieldchamber.com or call 804-748-6364.

Media Contacts

Chesterfield Economic Development
Contact: Karen Aylward
Phone: (804) 318-8550
Email: AylwardK@chesterfield.gov

Chesterfield Chamber of Commerce
Contact: Danielle Fitz-Hugh
Phone: (804) 924-2243
Email: danielle@chesterfieldchamber.com