By Aila Boyd
aboyd@mainstreetnewspapers.com
The Botetourt County Board of Supervisors approved the county’s COVID-19 small business incentive program at its June 23 meeting. The supervisors authorized $300,000 in federal CARES Act funds for the program. The program will be administered by the Botetourt Economic Development Authority, which has final authority to approve or disapprove grants. The Botetourt County Department of Economic Development Authority will serve as the staff for the program.
Details about the program were first discussed at the board’s May 26 meeting. Some changes were made to guidelines since then.
A significant change in eligibility guidelines that was presented on June 23 compared to initial discussions is that instead of having to have been in business for two years, businesses that started operations by February 29, 2020 and were in continued operation to at least March 12, 2020 when Virginia declared a state of emergency are now eligible.
In order to receive a grant, a business must provide a dollar amount of COVID-19-realted losses as of the date of the application, certify the claimed loss is based upon COVID-19, and that the goods/services of the grant program will assist the business to continue as a viable entity and will continue servicing the citizens of Botetourt County.
It was noted that fraudulent applications may be referred to law enforcement.
Eligible small businesses include:
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Only small businesses physically located and based in Botetourt County employing 100 or fewer employees
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Sole proprietorships, LLCs, partnerships, corporations, or self-employed individuals that are recognized as business entities. At this time, non-profit organizations cannot be eligible for the grant
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Have experienced at COVID-19-related impact, specifically closure, suspension of business operations, or demonstrated business losses as a result of the pandemic and state of emergency
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Businesses that have filed for business status through the Virginia State Corporation Commission, filed for a Botetourt County business license, and been in full operation by February 29, 2020, and continued operations to at least March 12, 2020 when Virginia declared a state of emergency
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Businesses must have been and continue to be in compliance and good standing with all local ordinances, on the county tax rolls, current with Botetourt County taxes/fees or other assessments, and have a current business license as required
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Agricultural production operations are exempt from the State Corporation Commission and county business license filing requirements; however, other documentation must be presented showing that the farm-related business has been in existence as with other types of business
Cash grants that will be offered are as follows:
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Up to $5,000 maximum grant for a qualifying business of five or more employees
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Up to $3,500 maximum grant for three to five employees
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Up to $2,500 maximum for one to two employees
Uses of grant funds:
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Legal
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Accounting
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Marketing plan development and execution
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E-commerce activities including point of purchase software and other necessary software or web services subscriptions
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Website development and web services
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Technology hardware is limited to $1,500 per awarded grant; computer, printer, camera, cash register
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Lost inventory costs and/or demonstrated revenue loss directly caused by the pandemic, provided that no other government or foundation grant has been awarded to cover the same losses; up to one-fourth of the total grant award may be used for this purchase
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Botetourt County business license renewals
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Purchase of marketing activities such as advertisements in print, digital, or radio/television.
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Payment of Botetourt County Chamber of Commerce dues that are in arrears or new memberships
Once eligibility is determined by the county staff, applicants will be referred to either the Roanoke Regional Small Business Development Center, the Advancement Foundation, or SCORE for a brief small business counseling session and determination of how the grant may be utilized according to the program guidelines. The small business development entity will complete a form outlining the proposed expenditures of the grant and make a recommendation for the award of the grant.
Once the applicant has completed the small business counseling session and the county staff have received the grant expenditure form and recommendation, the application and recommended grant award will be presented to the Economic Development Authority. Awarded grants will include a completed grant agreement between the small business applicant and the Economic Development Authority before funds will be disbursed.
Applications will only be accepted at https://bocoecondev.info/. The open period for applications started on June 24.
It was noted that applications will be accepted until the funds are depleted or until September 30. Funds will be allocated on a first-come-first-serve basis with businesses suffering the most from COVID-19 being served first.
It was noted that if funds are depleted and a continued need is presented, the Board of Supervisors could look at the possibility of providing additional funding for the program.
