Augusta County announces revamped Small Business Loan Fund: Loans available up to $20K

Augusta County announced Thursday the launch of a revamped Small Business Loan Fund.

Administered in partnership with the Staunton Creative Community Fund, the program will now offer loans up to $20,000 for terms of one to five years in order to offer additional support for small businesses and bring the loan fund more in line with the average loan sought through SCCF.

While the maximum amount for the Augusta Small Business Loan program is $20,000, this loan can be packaged with other SCCF or bank loans.

Aimed at boosting ideas to reality by supporting entrepreneurial activity, the fund was originally born out of the Augusta County Economic Development Authority’s enthusiasm to help small business and supported by the Board of Supervisors.

Applications are open for acceptance immediately.

“The Economic Development Authority is here to help all Augusta County industries, large and small,” said Richard Halterman, chair of the Augusta County Economic Development Authority. “With the pandemic affecting businesses the way it did, we saw this as the perfect opportunity to give extra assistance moving forward.”

“The Board of Supervisors thanks our businesses and entrepreneurs continuing to press on throughout the circumstances, and we’re proud to see this program expand in what it will be able to support,” said Gerald Garber, chair of the Augusta County Board of Supervisors. “We have a great entrepreneurial spirit and resilient community in Augusta County.”

“One of the most common barriers to entrepreneurship that individuals experience is access to capital,” said Debbie Irwin, executive director of the Staunton Creative Community Fund. “We at SCCF are proud to partner with Augusta County to lower that barrier for local business owners.”

Interested applicants need to have a completed business plan and a future or current business located in Augusta County.

The Small Business Development Center, with a location at the Augusta County Government Center, is available to assist individuals wishing to complete a business plan.

Applications are now available at www.AugustaVABusiness.com for download and will be open for acceptance beginning immediately.

Interested applicants can contact Augusta County Economic Development at 540-245-5619 or [email protected].