The Roanoke Times | Fund provides financial assistance, hope to struggling small businesses

The disruption brought on by the coronavirus to Wonju Korean Restaurant hit suddenly.

No one could dine inside the restaurant on Williamson Road in Roanoke. Revenue plummeted. The owners didn’t know if they could keep their employees. The landlord wouldn’t budge on rent payments.

Rebecca Jeong, who owns the restaurant with her husband, Johnathan, researched online for financial aid options. They found the Virginia 30 Day Fund, which provides small businesses in the commonwealth $3,000 forgivable loans to help with payroll, rent, preserve health care coverage for employees or other needs.

“It helps to know there are people who are willing to help each other and support one another,” Jeong said. “That’s how we’re keeping our faith.”

Pete Snyder, a Charlottesville technology entrepreneur, created the Virginia 30 Day Fund about a month ago with his wife, Burson, to provide immediate financial relief to businesses struggling to quickly secure other funds.

“We’ve been humming along,” Snyder said. “It’s been a wonderful journey, some of it heartbreaking.”

In the four weeks since the fund has been up and running, it’s raised $1.5 million. The nonprofit has provided loans to more than 170 small businesses, including about 20 in the Roanoke and New River valleys.

“It’s not a lot of money, but $3,000, it can help with employees and multiple other ways, and it provides hope,” said Todd Stottlemyer, a technology and health care executive serving on the nonprofit’s advisory board.

The idea was for the fund to exist for 30 days. But with the pandemic continuing to wreak havoc on businesses as the country tries to get a grip on the coronavirus so it can ease restrictions on businesses, Snyder said he anticipates the nonprofit will continue for at least a few more months.  TOP ARTICLES1/5Cool, damp weather locks in forRoanoke/NRV through midweek

In a short span of time, Snyder built a small but resourceful team of business leaders and elected officials from both political parties (Snyder is a Republican and has run for office before) to support the nonprofit with donations and guidance. U.S. Sen. Mark Warner, D-Va., chipped in a large donation and helped expedite the typically monthslong process to get nonprofit status.

“Living through the Paycheck Protection Program and other federal programs to help businesses, they were well-intentioned, but the bureaucracy moves at a slow pace,” Warner said. “The idea of an emergency fund targeted at the smallest businesses, it made a lot of sense, and Pete was able to turn it around fast.”

Jeong said finding funds at the onset was challenging. So many other small businesses were clamoring for the same funding sources. She said they sought money from the Paycheck Protection Program, which the federal government set up for small businesses to borrow loans. Like many small businesses, Jeong said they weren’t able to secure funds during the first round. They eventually got a loan during the second round, which they’ve used to retain their employees.

Wonju has had to shift its business to take-out. Jeong said the restaurant is using the $3,000 as a way to creatively boost sales. The kimchi is usually a side dish, so the restaurant is using the money to buy glass jars to sell kimchi to go.

“On a weekly basis, we’re just trying to keep our hopes up,” Jeong said. “A lot has had to do with support from customers and other outside help like the 30 Day Fund. We’re fine now, but I don’t know where we’ll be a couple weeks or couple months from now.”

Still, it’s impossible to replicate with take-out the experience a diner gets while eating inside Wonju. The smell of the spices coming from surrounding tables, entrees coming in sizzling stone pots or soups still boiling when put on the table. Jeong said she enjoys when diners ask questions about the food. She said they’ve been working on their plans to reopen the dining area when they can get the green-light from the state.

“I miss all of our customers’ faces,” Jeong said. “I can’t wait to check in with them and see how they’re doing.”

To donate or apply for assistance, visit www.va30dayfund.com.