NEWS

VIRGINIA BEACH, Va. — Virginia Beach is adding to the list of loan and grant programs available to small businesses by creating a new Economic Development Investment Program (EDIP) offering that provides emergency assistance. On April 28, 2020, the City Council provided $1.5 million in funding and approved an ordinance to temporarily allow the Virginia Beach Development Authority to make emergency assistance grants to small businesses impacted by the COVID-19 pandemic. The EDIP part E fund is designed to help businesses with rent, utility, or other business expenses up to $10,000. Qualifications, criteria, applications, and associated documents can be found at www.yesvirginiabeach.com.

Data from the Virginia Employment Commission and the Virginia Economic Development Partnership indicate that, since April 1, 2020, more than 20,000 new unemployment filings were received from Virginia Beach residents and that the majority of those job losses have been from small businesses. Additionally, respondents to a survey the City of Virginia Beach recently completed that asked businesses about needs indicated that funds to pay rent, utilities, and related expenses were their top concern. “The pandemic has exacted high tolls on nearly everyone in one way or another.

Our economic recovery depends on the ability of our hardest-hit small businesses to survive long enough to begin reopening and attracting customers back,” said Mayor Robert M. “Bobby” Dyer. “The City Council heard very clearly from constituents that emergency assistance is needed to fill critical funding gaps small businesses are experiencing. This will be money well spent.” EDIP is administered by the Virginia Beach Development Authority, which is appointed by the City Council to promote investment, reinvestment, and workforce development.