Fairfax County supervisors approve new grant program for small businesses

The Fairfax County Board of Supervisors created a new $25 million grant program May 12 to assist small businesses and nonprofits affected by COVID-19.

The Fairfax Relief Initiative to Support Employers (Fairfax RISE) is funded by the county’s allocation from the federal CARES (Coronavirus Aid, Relief and Economic Security) Act.

Fairfax RISE will offer grants to qualified businesses or nonprofits that will not have to be repaid. It also establishes a minimum allocation of 30 percent of the program’s total dollars ($7.5 million) to minority, veteran, and women-owned businesses. 

The grant application process is expected to begin in early June. To be eligible, applicants must have one or more locations in Fairfax County, including the principal place of business, have less than 50 total employees in all locations, have been in operation for more than a year, and, except for nonprofits, have a valid business, professional and occupational license.

The amount of Fairfax RISE awards will be based on the number of full-time or equivalent employees: One-10 employees – $10,000; 11-25 – $15,000; and 26-49 employees – $20,000. 

Funding must be used for an eligible expense to mitigate business interruptions resulting from the COVID pandemic. Grants can be used for employee wages and benefits, working capital, equipment, inventory, rent, and other critical operating expenses. Grants cannot be used to pay debts, close the business, or start a new one. 

The Fairfax RISE program is in addition to two other recently established Fairfax County small business and non-profit programs to address the COVID-19 economic crisis: the $2.5 million Small Business COVID Recovery Microloan and the $25 million Safety-Net Nonprofit Grant Program.   

The Department of Economic Initiatives will oversee and monitor Fairfax RISE grants. Interested business owners can sign up online to be notified when the grant application is available.