DANVILLE, Va. (WFXR) — Small business are offering new funding tools in Danville.
This new funding was approved during the City of Danville’s Industrial Development Authority meeting. This Small Business Emergency Loan Program provides zero and low-interest loans up to $20,000 that can be used toward capital, marketing, and inventory.
On Wednesday, the Longwood Small Business Development Center and the River District Association teamed up to provide financial relief to businesses that have seen a decrease in sales due to the COVID-19 pandemic.
Once the City Manager lifts the state of emergency order in Danville, businesses will have 90 days to defer the repayment of this loan. Applicants will have the SBDC and the Danville Economic Development office on standby to assist with each request and evaluate their merit.
Two micro-grant programs are also now in play for small business owners. The Small Business Rent Relief Grant could provide up to $3,000 to cover the monthly rent for some businesses. The second grant, the Marketing and eCommerce Matching Grant provides up to $500 that can be used for paid marketing and eCommerce updates.
Interim Director for Danville’s Office of Economic Development, Corrie Bobe praised the partnership and the city’s effort, “This pandemic has challenged businesses to significantly alter the way in which they operate. By partnering with these organizations, we will be able to expand our capacity and provide relief to a larger number of small businesses within our community.”
Additionally, the Longwood SBCD will offer free classes online for small businesses. the first round of applications for the loan and grant programs will be accepted until the close of business on May 1.
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