As part of the $4.8 million federal CARES Act funding received by the Town of Leesburg, a fund has been established to provide grants to local businesses.
The Leesburg Business Infusion (LBI) grant fund totaling $3.025 million was approved by Town Council Tuesday to provide support for businesses who have suffered economic hardship during the COVID-19 pandemic.
The LBI offers two funding tiers:
• Businesses with 2019 annual gross revenue between $25,000 and $100,000 are eligible to apply for a $2,500 grant, with approximately 200 grants available.
• Businesses with 2019 annual gross revenue between $100,001 and $1 million are eligible to apply for a $5,000 grant, with approximately 505 grants available.
In order to be eligible, businesses must meet a number of criteria, including operating in the town before March 1 and being in good standing on all tax payments and related business licenses. More information can be found at leesburgva.gov/CARESgrants.
Grants may generally be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business. Funds cannot be used to replace lost revenue.
Eligible businesses can submit an online application starting at 12 a.m. on July 6. The application portal will remain opened until 11:59 p.m. on July 13. Anyone with questions can contact economic development staff at email@example.com or 703-771-6676.