Richmond launches a $500,000 recovery fund for small businesses affected by the water crisis

The big picture: Richmond's Economic Development Authority approved a $250,000 grant to the Metropolitan Business League on Thursday.

• The Small Business Recovery Grant Fund is supplemented with investments from Dominion Energy and Altria, which are both headquartered in Richmond.
• The Richmond-based MBL will process the applications and administer the grants.

Zoom in: Eligibility criteria for small businesses hadn't been announced by press time.

• Applications open March 17 and run through March 28.
• And the city and MBL will host two virtual Q&A sessions on March 6 and March 12. Businesses can register for them online.

Worth noting: The city opened a $650,000 grand fund for individuals affected by the water crisis a few weeks ago only to pause it days later after receiving more than 2,000 applications.

What we're watching: Fundraising efforts to power future grants are ongoing.