WAYNESBORO, VA– In an effort to assist additional small businesses in Waynesboro, the Waynesboro Economic Development Authority has revamped its revolving loan fund program.
The program is designed to assist small business with short-term funding to be used for almost any business purpose including building improvements, equipment, operating costs, working capital, and more. The typical loan is for $15,000 for a three-year term, but other options are available.
At its regular meeting on February 9, 2018, the EDA voted to reduce the interest rate from 3% to 0% for all applications received by April 30, 2018. In addition, the regular application fee of $50 has been waived for this same time period.
Waynesboro-based businesses are encouraged to apply by completing the online application found at www.WaynesboroBusiness.com or www.GrowWaynesboro.com and submit to the EDA. Funds are limited and will be considered as applications are received. The typical approval process takes 30 days.
“We understand that access to funds is one of small businesses greatest challenges,” says Greg Hitchin, Director of Economic Development and Tourism. “Our program is designed to assist them meet a specific need.”
Since its inception in 2012, the fund has loaned $118,500 to seven businesses.
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