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Virginia Beach Small Business Grant
City of Virginia Beach
ABOUT THE GRANT
The Virginia Beach Small Business Grant provides Virginia Beach small businesses with reimbursement grants of up to $10,000 to help expand access to funding, particularly for historically underserved and marginalized entrepreneurs. Part of the Virginia Beach Economic Development Investment Program (EDIP) Part F and administered by the City of Virginia Beach Development Authority (VBDA), the program is designed to support the growth and stability of women-owned, minority-owned, veteran-owned, and service-disabled veteran-owned small businesses, as such terms are defined in Virginia Code § 2.2-4310. Applications are accepted in 30-day cycles while funding is available, with each new cycle announced with at least 10 days' notice.
Grant funds may be used for working capital for the purchase of inventory or renewables, marketing and advertising expenses, development of online or mobile presence, equipment and supplies purchases, business expansion, real estate acquisition, and other business development purposes identified by the business and approved by the VBDA. Ineligible uses include payroll, insurance, salaries, lease payments, and personal expenses. Grants are issued as reimbursements, with written documentation required before payment; at the discretion of the Director of Economic Development, grants may in some cases be prepaid for an approved use.
To qualify, an applicant must be a micro-business (as defined in §15.2-965.2 of the Code of Virginia) or a service-disabled veteran business with fewer than 25 employees, hold a valid Virginia Beach business license, have operated in the City for at least one year (documented through tax returns or other acceptable evidence), be current on all local taxes and fees, and not have received any other grant from the VBDA or the City within the past 12 months. Applicants cannot employ any officer, official, or employee of the City of Virginia Beach, the VBDA, or the Minority Business Council. Not-for-profit entities, chains with more than three locations, national franchises, and adult-themed establishments are not eligible.
To apply, businesses must first attend a pre-application workshop hosted by The HIVE (Virginia Beach's business resource center) either in person or virtually. Attendees receive access to the application portal after the workshop and submit an application, a Disclosure Statement Form, and required documentation including a current business license, business or strategic plan, articles of incorporation or organization, and a profit and loss statement or other evidence of one year of operation. Additional scoring points are awarded to businesses that are women, minority, service-disabled veteran, or veteran-owned, businesses in operation for more than one year, and applicants who submit a credit report. Applications are date-stamped and reviewed by a Selection Committee in the order they are received, with incomplete applications returned for correction (and any resubmission moved to the back of the queue). Grant recipients must commit to attending several business counseling sessions at The HIVE as part of the award.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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