Winchester EDA offering a Disaster Relief Funding Program for small businesses

Tue, 03/24/2020 - 15:45

At an emergency meeting of the City of Winchester Economic Development Authority (EDA) held on Tuesday, March 24, 2020, Authority members voted to allocate $200,000 towards a Disaster Relief Funding Program (DRFP). The program was developed in response to the devastating impact of the COVID-19 pandemic on small businesses in Winchester.

Small businesses located in the City of Winchester can apply for a loan up to $5,000 per business with a loan term of up to five years. Loan terms and conditions are structured on the basis of need and ability to repay and the funds may be used for costs associated with rent, utilities, payroll, inventory, etc. Loan payments will NOT be required for the first six months or 180 days after the loan is disbursed. The loans also have a zero percent interest rate for the first 24 months of the loan with a two percent interest rate to be applied to the remaining additional 36 months of the loan term. However, the EDA will reevaluate this interest rate policy after the first 18 months of the program.

  • Eligible businesses are defined to be small businesses:
  • Operating at a full-time location within the City of Winchester.
  • Generate under $2.5 million in annual revenue and employ under 25 employees.
  • Operating within the City of Winchester for at least six months before the date of the application.

Applicants will be asked to demonstrate their need for working capital as a result of a reduction of business due to the COVID-19 Pandemic.

application button

Click here for the application. Submit completed applications via mail or email (preferred) to:

City’s Economic Development Services Office
33 East Boscawen Street, Suite 100
Winchester, Virginia 22601
shirley.dodson@winchesterva.gov

Questions should be directed to Shirley Dodson, Business and Community Development Manager, at (540) 247-1826 or Shawn Hershberger, Director, at (540) 722-7577.