WYTHEVILLE, Va. (WFXR) — Three organizations in Wytheville, Wythe County, and Bland County announced Tuesday the launching of a loan program to support small business sustainability amid the challenges of the coronavirus pandemic.
According to a statement released on Tuesday, April 21, the Wytheville-Wythe-Bland Chamber of Commerce, the Joint Industrial Development Authority of Wythe County, and Downtown Wytheville Incorporated joined together to fund a $60,000 loan pool in order to support small business needs by offering loans of up to $2,000 that will be repayable over the course of two years at zero percent interest.
“While this won’t likely make or break many businesses, the mission is to help offset expenses while cash flow is down,” says Jennifer Atwell, executive director of the Wytheville-Wythe-Bland Chamber of Commerce.
Here is a list of guidelines for the loan program from the Wytheville-Wythe-Bland Chamber of Commerce:
- Must be an existing for-profit business within the geographic area served by one of the three funding organizations: Wytheville-Wythe-Bland Chamber of Commerce (throughout Wythe and Bland Counties); Joint IDA of Wythe County, Wytheville, and Rural Retreat (all of Wythe County and both towns); or Downtown Wytheville Incorporated (Downtown B2-DT district).
- Business must satisfactorily complete application and submit necessary attachments.
- Business must have or be pursuing online and/or social media presence with accurate information presented.
- Financials must be provided for the first quarter of 2020 including cash flow, profit & loss, balance sheet.
- Business must have articulable economic impact from COVID-19 public health situation.
- Business must certify it has no outstanding tax debts to any locality in the service region.
- Application does not guarantee approval.
- Each business will be eligible for up to $2000.00.
- The loan term is 24 months from date of closing.
- The interest rate for this loan is 0%.
- Quarterly payments will begin on a date agreed-to in the loan agreement and as illustrated in a provided loan amortization.
- Each loan will require an agreement between the business and the fiscal agent for that loan.
- Loans subject to any special conditions in loan agreement, including but not limited to provision of financials, verification of expenditures, etc.
- Funds are available on a first-come first-served basis.
- Loans are made to businesses only, not individuals.
- Operating capital including rent, payroll, inventory purchase, marketing, and similar uses.
- Personal use, savings or investment, purchase of non-essential items, repayment of any outstanding debt, loan, or other burden.
Atwell says loan applications will be accepted on a rolling basis until funds are exhausted. You can apply for the Small Business Sustainability Loan Fund at www.wwbchamber.com.
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