The Greenbrier Valley Economic Development Corporation is now accepting applications for their Microloan Program. Funding is available for entrepreneurs and small businesses located in Greenbrier, Pocahontas or Monroe counties.
“We’ve designed this program to stimulate start-ups, foster expansion, and increase creation and retention of jobs in the Greenbrier Valley,” said Ruthana Beezley, Executive Director of the Greenbrier Valley EDC. “We understand that for various reasons traditional bank financing is out of reach for small businesses owners, and we hope this will help bridge that gap.”
The Greenbrier Valley Microloan Program provides loans from $5,000 to $30,000 with interest rates at prime plus 1% and terms up to 15 years. The funds can be used for any business need including renovation, working capital, new construction, equipment, down payments and more. Loans require an application fee of $150, a personal guarantee and additional collateral.
Tammy Jordan, owner of Fruits of Labor, Inc., is a past recipient of the loan program. “We were so grateful for that funding because it leveraged the opportunity to open in Rainelle which allowed us to launch employment for our students for the very first time,” Jordan said. “It’s such an integral part of being able to see the success not only of coming into community but also the expansion of our recovery mission.”
The loan program is locally administered, funded by the U.S. Department of Agriculture. The Greenbrier Valley Economic Development Corporation is an equal opportunity provider, employer and lender.
Any organization or person interested in applying or wanting additional information can call GVEDC at 304-497-4300 or email info@gvedc.com.
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