Prince Edward and Farmville IDAs give grants to 18 businesses
The Town of Farmville Industrial Development Authority (IDA) and the Prince Edward County IDA awarded grants to 18 small businesses in the area that were in need of economic relief, splitting $20,000 equally among them.
The 18 businesses included: Casting Your Cares; Rochette’s Florist LLC; Heartland Properties Inc.; Runion Enterprises Inc. Trading as (T/A) Farmville Insulation; Funky Flamingo Vintage Gallery; Caryn’s Bridals, Formals & Tuxedos; Women’s Osteopathic Medical Care PLLC; Bubble Mat Inc.; Salem Chapel and Event Venue; Five Pointes Dance Center Inc.; Indy Hollow LLC DBA Three Oaks Pet Resort; Mottley Emporium; BSM and Associates Insurance; one19; Daniel Kingsley O.D. P.C.; JW’s Inc. T/A JW’s Express and JJ’s Best Buy; Classie Cuts; and Bobenrieth Technologies LLC.
The Wednesday, July 22, joint town and county press release stated that each IDA made the decision to help boost the local economy and support local small businesses by each offering up $10,000 total for small businesses during this challenging time.
The two authorities decided to collaborate to make the process more efficient for small businesses and to ensure they utilized the same eligibility requirements. Two representatives from each authority comprised the joint committee that made the decisions to allocate the grant money.
The $10,000 from each authority was provided directly without any attachment to federal or state funding.
After receiving more than 30 applications, the committee narrowed down the field of applicants based solely on whether each applicant met all the eligibility requirements. Those requirements included that the business must do each of the following:
• employ less than 50 people;
• earn less than $1 million in annual revenue;
• have paid all taxes to the county and the town on time over the last 12 months: and
• currently be open — if permitted by the governor of Virginia’s executive order — or stipulate plans for reopening when allowed, attempting to remain open for a minimum of six months.
After eliminating applicants that did not meet all the requirements, 18 businesses were left in the pool of applicants. The committee agreed unanimously to fund each business equally by dividing the combined $20,000 total by 18 for grants in the amount of $1,111.11.
The release stated businesses may utilize the grant funds for working capital, including rent, mortgage, payroll, utilities, insurance, supplies and/or inventory.
Prince Edward County has been allocated federal funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and money from that allocation will be set aside for businesses in the form of grants.
Eligibility for those grants will be similar but not the same as eligibility for the grants from the IDAs. All businesses are encouraged to apply.
The release concluded by stating that more information about the CARES Act funding will be published to the public soon.