Virginia 30 Day Fund & Fairfax County NAACP Team Up To Fund Minority-Owned Small Businesses

CHARLOTTESVILLE, Va., April 23, 2020 /PRNewswire/ -- The Virginia 30 Day Fund and the Fairfax County NAACP announced today that they have launched a partnership to provide direct financial assistance to minority-owned small businesses in Northern Virginia that are struggling to meet payroll, preserve health coverage and save jobs as they await recently approved federal funding in light of the COVID-19 crisis.

Backed by a fundraising commitment by Fairfax County NAACP and the Virginia 30 Day Fund, the partnership will empower the Virginia 30 Day Fund to expand its reach even further as it works to provide much-needed financial assistance to a diverse array of Virginia small businesses. Since its April 6 launch, the nonprofit Virginia 30 Day Fund has funded over 90 Virginia small businesses, and continues to review applications and fund additional Virginia small businesses each day.

As NBC Washington reports, "[o]ne of the businesses Snyder's fund is helping support is the Springfield Collision Center, a family-owned collision repair shop. Thomas Kim's father, Yong, opened the shop after immigrating to Northern Virginia from South Korea decades ago. 'Kind of living the American dream,' Kim said. 'Opens up his own shop ... taking care of his family.' Taking care of the family is proving difficult now that business has slowed to a crawl ... 'We're just looking for any help as our family's livelihood is at stake,' Kim said..."

Additionally, Fairfax NAACP President, Sean Perryman, and Executive Council Member Naveed Shah will join the Review and Funding Committee for this partnership with the Virginia 30 Day Fund.

"The small business community is in desperate need of support due to the pandemic. Fairfax County NAACP is excited to expand its effort to assist the community by partnering with the Virginia 30 Day Fund," said Sean Perryman, Fairfax County NAACP President. "The money raised and given out will be crucial as minority-owned businesses make up 41 percent of the small business community. These forgivable loans will be a vital lifeline that will have a positive impact for employees and families throughout Northern Virginia."

"Small businesses throughout Virginia are hurting right now through no fault of their own, so we want to do everything we can to reach every community in the Commonwealth to the greatest extent possible, and ultimately save as many Virginia jobs as possible," Pete Snyder, the nonprofit Virginia 30 Day Fund's co-founder, said. "The Fairfax County NAACP's partnership in this effort will be invaluable in helping the Virginia 30 Day Fund identify and aid even more struggling small businesses, especially those backed by minority business owners. We want to do everything we can to help so they can keep their employees on payroll and make it through this crisis."

The Virginia 30 Day Fund application process is designed to be quick and easy for qualified small businesses in Virginia:

• Visit va30dayfund.com.
• Fill out a one-page form.
• Submit a brief video (up to three minutes) about the business and its employees.
• Approval will occur within three days, and approved businesses can expect an immediate transfer of funds.

Virginia businesses that qualify for assistance from the Fund are small businesses:

• Employing three to 30 people;
• Based in Virginia and operating for at least one year;
• Owned and operated by a Virginia resident.

The funds dispersed to qualified businesses by the nonprofit Virginia 30 Day Fund do not need to be repaid. If businesses that receive the Fund's assistance do, at a later date, wish to "pay it forward" to another Virginia small business in need of assistance, they may do so by directing those dollars back to the Fund, which will disburse the money to another qualified Virginia business.

The Virginia 30 Day Fund was also designed to be "open-source," so it could be replicated in other states and localities throughout the nation. The 30 Day Fund model has already been replicated by business leaders in Georgia, who just days ago, launched the Macon-Bibb 30 Day Fund and a 30 Day Fund is expected to be launched in Pennsylvania as soon as next week.

• To learn more about the Fairfax County NAACP, visit fairfaxnaacp.org

• To learn more about the nonprofit Virginia 30 Day Fund, visit va30dayfund.com.

SOURCE Virginia 30 Day Fund