F&M Bank, SCCF offer COVID-19 small business relief
Farmers & Merchants Bank is partnering with the Staunton Creative Community Fund to establish a $25,000 loan fund to benefit entrepreneurs and small businesses in Staunton, Waynesboro and Augusta County.
Funds for the Disaster Relief Loan and Loan Forgiveness Program will be provided by F&M and managed by SCCF, a local non-profit organization that supports small business in the Shenandoah Valley through microlending, technical assistance, and education.
Loans offered through this program will be 0% interest with a term of up to 3 years, and amounts ranging from $1,000 to $5,000. For each principal payment that is made, those dollars will be matched 1:1 so a borrower receives 50% loan forgiveness.
“We understand current economic conditions are creating financial challenges for our community,” said F&M Bank President and CEO Mark Hanna. “Times of crisis call for unique solutions, and through our partnership with the Staunton Creative Community Fund, we are ready to help. We would not be where we are today without the support of local business. It is time for us all to rally behind the small, local business owners who make this community a great place to live, work, and play.”
“We are so excited to partner with F&M Bank,” SCCF Executive Director Debbie Irwin said. “This is a stressful and uncertain time for all of us and with this partnership, our small business owners can start to get a little bit of breathing room.”
The SCCF website also has more information on how to safely support local business during this time.