Economic Development

Disaster Preparedness for Small Businesses

Anticipating business interferences, crises and debacles is an essential part of maintaining a business.  Engaging the business community in Risk Reduction for Business Resilience whether it be a flood, tornado or outbreak like COVID-19, is imperative.  Studies show that more than 40% of small businesses close permanently after a disaster.  Among those that reopen, another 25% fail within a year.  The Disaster Preparedness for Small Business guide extensively illustrates and highlights the best tips and resources to guide entrepreneurs in their business recovery and continuity plan.

SBA Disaster Assistance

The Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan and EIDL Advance program portal to further meet the needs of small businesses impacted by COVID-19.  See the SBA Disaster Assistance website for all the details and to apply.

Links to Assistance for Businesses During COVID-19

• Small Business Owners Guide to CARES Act (PDF) - Assistance for business owners with whatever needs they have right now.
• VA 30 Day Fund is rolling out Forgivable Loans for Virginia Small Businesses.
• US SBA COVID-19 business assistance.  The Commonwealth of Virginia is now officially listed and classified as an "eligible" area. We encourage City of Bristol businesses interested in submitting an application for financing the SBA’s Coronavirus (COVID-19) Disaster Assistance Program to begin completing the application. The number assigned to the State of Virginia for the emergency declaration is VA-00087.  General guidance on the SBA Disaster Loan process (PDF)
• For information on unemployment and other business needs, visit the Virginia Employment Commission. The Governor has waived the on-week waiting period so that workers can start receiving benefits right away.  
• Updates from Virginia Department of Health (including some info for business).

Financial Resources

• Tory Burch Foundation has a useful list of resources (for both finding and advice) for small businesses.
• VA 30 Day Fund is rolling out Forgivable Loans for Virginia Small Businesses
• The VA Small Business Development Center (SBDC) has published new information on financial assistance for small businesses and how to apply for a Federal Disaster loan.
• SBA Disaster Assistance Loan