Three local organizations have launched a loan program to support small business sustainability in Wythe and Bland counties during this challenging time.
The Joint IDA of Wythe County, the Wytheville-Wythe-Bland Chamber of Commerce, and Downtown Wytheville Incorporated have jointly funded a $60,000 loan pool to support small business needs during this time of economic uncertainty.
Executive Director of the Joint IDA David Manley commented, “Although we know our community is resilient, we should help each other when we can. We are offering business loans up to $2,000 each that will be repayable over two years at zero interest.” He added, “We know this is not likely to make or break many businesses, but it might help offset expenses while cash flow is down, and zero percent interest is hard to beat.”
Each organization represents different geographic territory, so the loans from 2020 Fund will be distributed proportionately to those areas:
- Downtown Wytheville Incorporated: Wytheville’s B2-DT zone
- Wytheville-Wythe-Bland Chamber of Commerce: Throughout Wythe and Bland Counties
- Joint Industrial Development Authority: Throughout all of Wythe County including the Towns of Wytheville and Rural Retreat
“The application and process are both simple and we will work to have this money out in the community as quickly as possible,” commented Jennifer Atwell, Executive Director of the Wytheville-Wythe-Bland Chamber of Commerce.
Loan applications will be accepted on a rolling basis until funds are exhausted. Simple financial statements including 2020 first quarter balance sheet and profit and loss are required as are some basic qualifications including articulable impact from COVID-19. Acceptable uses of the financial assistance include operational expenses like rent, payroll, and utilities, as well as purchase of inventory and marketing.
“It is important that we support our small businesses not just with words but with resources,” added Todd Wolford, Executive Director of Downtown Wytheville Incorporated. “This is one way we can do that.”
Please visit https://www.madewythepride.org/wythe or any of the partner websites for the loan guidelines and application.
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