Smithfield and Isle of Wight County Tourism, Isle of Wight County Economic Development, and The Isle of Wight Chamber of Commerce have collaborated to create the #IsleShopSmall Gift Certificate Program. The IsleShopSmall program aims to support local businesses during and after the COVID-19 pandemic through a $100,000 fund provided by the CARES ACT. Businesses can register to join the program, which matches each purchase dollar for dollar, effectively doubling the value of each purchase for customers while providing immediate cash flow to businesses. The program is set to begin on Black Friday, November 27th, and if funds are not depleted in the initial round, a second round will open on December 1st.
Introduction
Program Details
ISLE OF WIGHT COUNTY, VA-Smithfield and Isle of Wight County Tourism, Isle of Wight County Economic Development and The Isle of Wight Chamber of Commerce, have united to create the #IsleShopSmall Gift Certificate Program, a joint initiative established to assist local businesses in remaining viable during and after the current COVID-19 pandemic. The program will be administered by the Isle of Wight Chamber of Commerce.
Funding and Administration
The $100,000 funding for this program is made possible through CARES ACT money dedicated to economic stimulus. This funding support has been granted by the Isle of Wight County Board of Supervisors, the Town of Smithfield and the Town of Windsor, who recently approved a request from Isle of Wight County Tourism and Economic Development and the Chamber to re-allocate a portion of the CARES ACT funding budget to establish the program.
Registration and Purchasing
Businesses may register to join the program at www.theisle.org from October 19th through October 30th. The program will match each purchase, dollar for dollar, for as long as the matching fund lasts. That means that for each $20 unit purchased, the customer receives a $40 gift certificate to be redeemed when the time is right (starting on Black Friday, November 27th), and the business receives that $40 now, when cashflow is most crucial.
Program Details Continued
Each customer is limited to purchasing 5 gift vouchers, enabling more citizens to take advantage of the program. Customers will pay $100 total for the vouchers but receive a $200 value. If all of the CARES ACT funds are not depleted during the 5-hour shopping session, a second round of the gift certificate program will be advertised and opened on December 1st and will remain open until all CARES ACT funding ($100,000) is utilized.
More Information
For complete program information, FAQ’s, a workflow chart and a sample Gift Certificate voucher, visit www.theisle.org or email Chamber@theisle.org.
Question & Answer
What is the #IsleShopSmall Gift Certificate Program?
The #IsleShopSmall Gift Certificate Program is a collaborative initiative by Smithfield and Isle of Wight County Tourism, Isle of Wight County Economic Development, and The Isle of Wight Chamber of Commerce to support local businesses during and after the COVID-19 pandemic.
How is the program funded?
The program is funded by a $100,000 fund provided by the CARES ACT, which was made possible through economic stimulus money allocated by the Isle of Wight County Board of Supervisors, the Town of Smithfield, and the Town of Windsor.
When does the program start and how does it work?
The program is set to begin on Black Friday, November 27th. Customers can purchase gift certificates, and for each $20 unit purchased, they will receive a $40 gift certificate to be redeemed later. The program matches each purchase dollar for dollar, effectively doubling the value of each purchase for customers while providing immediate cash flow to businesses.
How many gift vouchers can a customer purchase?
Each customer is limited to purchasing 5 gift vouchers. Customers will pay $100 total for the vouchers but receive a $200 value.
What happens if the CARES ACT funds are not depleted in the initial round?
If all of the CARES ACT funds are not depleted during the initial round, a second round of the gift certificate program will be opened on December 1st and will remain open until all $100,000 in funding is utilized.
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