In a series of startup success stories, James City County Relief Fund winners are sharing how they utilized their funding to stay afloat during challenging times. Thirty small businesses, including restaurants, hospitality services, and retail stores, received $3,000 each through the Greater Williamsburg Small Business Relief Fund, following the unanimous decision of the Board of Supervisors for James City County to allocate $500,000 to the fund. Business owners expressed gratitude for the financial aid, which allowed them to cover fixed expenses, pay employees, and even make adaptations for social distancing guidelines. The fund, which also encourages recipients to repay the loan when possible, has inspired the establishment of similar initiatives in other states.
Small Businesses in James City County Receive Relief Funding
FROM Daily Press BY Abigail Adcox
Approval of Relief Funding
Thirty small businesses within James City County including local restaurants, hospitality services, and retail stores were approved last week for $3,000 in relief funding through the Greater Williamsburg Small Business Relief Fund.
Allocation of Funds
This follows the Board of Supervisors for James City County unanimously voting to allocate $500,000 to the fund for small businesses within the county. James City County has received 75 applications for the forgivable loans.
Establishment of the Relief Fund
The Greater Williamsburg Small Business Relief Fund was established at the end of April by the Williamsburg Community Foundation in partnership with the VA 30 Day Fund.
Impact on Local Businesses
Chris Jump, owner of Anvil Campground in Williamsburg, had previously applied for funding from the VA 30 Day Fund and been denied. Following James City County’s additional pledged money, he received news the business had been approved.
“We were just so grateful, because it just gave us a little bit of light in all the darkness,” said Jump.
With the funding, Jump said they were able to help cover some of their fixed expenses, pay their employees and finish already started renovations on the clubhouse.
“You don’t get many opportunities in your adult life to win anything. … It helped out a lot,” said Jump.
Nikki Montero, owner of Axe Republic in Williamsburg, was also a recent recipient. Montero said that they have used the money to create an expanded outdoor area in order to accommodate social distancing guidelines when they re-open on June 19.
Founding of the VA 30 Day Fund
Pete Snyder, who founded the VA 30 Day Fund with his wife, Burson, said that their “true intent was to be a lifeline for people.”
Snyder and his wife, Burson, are also business owners themselves and graduates of William & Mary.
The idea for the VA 30 Day Fund was to help bridge the estimated 30-day gap between when businesses applied and received federal funding.
Expansion of Relief Funds
In reality, Snyder said only about 20% of businesses who received the VA 30 Day Fund forgivable loans have received federal money.
The VA 30 Day Fund has also inspired other 30 day funds to pop up around the country, including in Georgia, Arkansas, Mississippi, and most recently, New Jersey.
Encouraging Repayment
Businesses which receive the forgivable loan are encouraged to repay the loan by depositing it back into the fund.
“We are hoping that when our business starts to pick up and do well, we can pay it forward back into the fund. So another business that may have not been a recipient this time could use the money in the same way we did,” said Montero.
Abigail Adcox, 757-222-5320, aadcox@virginiamedia.com
Question & Answer
1. How much funding did each small business in James City County receive?
Each small business received $3,000 in relief funding.
2. How much money did the Board of Supervisors for James City County allocate to the fund?
The Board of Supervisors for James City County unanimously voted to allocate $500,000 to the fund for small businesses within the county.
3. What did business owners use the relief funding for?
Business owners used the relief funding to cover fixed expenses, pay employees, and make adaptations for social distancing guidelines.
4. Who established the Greater Williamsburg Small Business Relief Fund?
The Greater Williamsburg Small Business Relief Fund was established by the Williamsburg Community Foundation in partnership with the VA 30 Day Fund.
