Two weeks ago, we — along with some of our friends from Virginia’s business and philanthropic community — announced an effort to help small businesses in the commonwealth struggling with the unprecedented challenges presented by the spread of a global pandemic.
All around us, we saw Virginians being laid off and businesses barely hanging on. As entrepreneurs who know firsthand how hard it can be to meet payroll even in the best of times, we wanted to do something to be of assistance. So we created the VA 30 Day Fund.
Using only private capital, our goal was to provide immediate financial assistance to small businesses to enable them to keep employees onboard, pay the rent and provide much-needed health care as they wait for the cavalry to arrive in the form of more substantial federal funding. While we hoped this effort would be well-received and keep a few small businesses running, we truly had no idea the magnitude of what would follow.
The day we announced our effort, two things simultaneously occurred. Applications for funding flooded in. We received more than 100 in less than 12 hours of operations. At the same time, so did contributions. It was a perfect mix of business owners who needed this assistance being met by donors with the means to help provide it and wanting to lend a hand. In short, it was Virginians coming together in the toughest of times to share the burden.
The VA 30 Day Fund has received more than 1,300 applications for funding. And our initial seed pledge of $100,000 to launch the fund has grown to more than $400,000 in contributions. We’re thrilled to report those donations are keeping Virginians employed and the lights on at small businesses all across the commonwealth.
Read more here.