EDA offers relief loans for Augusta County businesses
The Augusta County Economic Development department and the Augusta County Economic Development Authority are offering an interest-free, emergency relief loan program for county businesses who are suffering from loss of business due to COVID-19 related conditions.
The loan program funds are provided by the Economic Development Authority (EDA), and the program will be administrated by the Staunton Creative Community Fund.
“The Augusta County Economic Development Authority believes in our businesses and our community,” said Randy Roller, Chair of the EDA. “We want to support those business owners who have worked so hard to build their businesses and need a boost to get through these unprecedented circumstances.”
The loan details and qualifications are as follows:
- Loans are $1,000-$5,000 per business, limited funding is available
- Loan funds can be used towards working capital expenses, payroll, utilities, gap funding and inventory.
- Access or applications for other loans will be taken into account (Small Business Administration Disaster Relief Fund, Community Foundation of the Blue Ridge Relief Fund, etc.) This loan can be packaged with a Staunton Creative Community Fund loan.
- Business must have an Augusta County business license and/or pay Augusta County taxes (real estate, machinery and tools, business personal property)
- The business must be located within Augusta County proper.
- The business must have been operational in Augusta County for at least the previous six months.
Repayment for the 0% loan will begin 30 days after the local and state emergency is over and the balance may be amortized over three years.
“Our businesses are a big part of what makes our local color vibrant and our way of life possible,” said Augusta County Board of Supervisors Chair Gerald Garber. “We will continue to help as we can and want to let the business community know we stand with them.”
In addition to launching the Emergency Relief Loan Fund, Augusta County is working diligently during the COVID-19 emergency to respond to challenges in the business community, to activate local resources, and to keep local businesses informed about relevant national and statewide business initiatives.
Augusta-based businesses are encouraged to visit their resource page at www.augustavabusiness.com/covid-19/.