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Virginia

These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on September 9, 2020.

For more up-to-date information on the relief programs available in Virginia, we recommend that you visit the Coronavirus (COVID-19) in Virginia portal, the Virginia Chamber of Commerce's State Resources list or the USDA's COVID-19 Waivers & Flexibilities for Virginia.

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Description of Program and Relief

Richmond Small Business Disaster Loan Program

The Richmond Small Business Disaster Loan Program is offering interest-free emergency loans of up to $20,000 to small businesses in Richmond that have been affected by the COVID-19 pandemic. Loan proceeds can be used only for paying employees. The maximum loan amount is six months of current employee wages or $20,000, whichever is less. Loan payments will be disbursed over six months, and the repayment of the loans will be deferred for six months, followed by 48 months of interest-free payments.

Government or Lead Agency

Richmond Economic Development Authority

Dates Available

Application available April 6, 2020

Eligibility Requirements/Restrictions

Applicants must:

  • Be at least twenty-one (21) years of age and be a legal resident of the United States

  • Have a current business license to operate in the City of Richmond

  • Have a business that is currently open and operating in the City of Richmond (Note: If the applicant has multiple businesses or business locations, the loan proceeds must be used for the business(es) that are located in the City of Richmond)

  • Not have current recorded tax liens or judgements

  • Be current on all local taxes owed to the City of Richmond as of February 29, 2020

  • Have fewer than 25 full-time employees (Note: Full-time employee means an employee who works a minimum of 35 hours per week)

  • Have been in operation at least 2 years (24 months)

  • Provide a personal guarantee for repayment of the loan

  • Own at least 50% of the business for which they are applying for the loan

Application Deadlines (If Applicable)

N/A

Contact for More Information

Rick Winston, Economic Development Programs Administrator:

Rick.Winston@richmondgov.com, (804) 646-5036

List of Additional Information

For more information, please click here.

For the application, please click here.


© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.

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