Fauquier County Emergency Micro Loans Available Now
The Fauquier Micro Loan Program has been revamped to serve as an emergency loan program for small businesses in the County in response to the COVID-19 crisis. This fund is now targeted to putting needed resources into the hands of our entrepreneurs swiftly and with a minimum of red tape. It can accommodate adaptive actions that help firms remain solvent and could also supplement the ongoing costs of doing business until other resources become available.
The fund was created several years ago as a means of providing accessible micro loans within the grasp of our many small businesses. The program was launched with a stake from five local banks and the Economic Development Authority and still has just over $40,000 available. Participating banking partners are The Fauquier Bank, Atlantic Union Bank, SonaBank, and Oak View National Bank.
Although the total pot is modest, loans of up to $5,000 are expected to provide some relief to businesses in need of immediate relief. See below for the particulars:
CRITERIA:
- Must have a current Fauquier County Business License
- Summary about business (how long in business, services/products offered, hours of operation, track record prior to the COVID-19 crisis)
- Description of impact of COVID-19 on the business and alterations, current or proposed, to existing business model that are designed to remain viable
- Details about how the funds will be used
- Tax Returns for 2018 and 2019 (or 2017 and 2018)
- W-2’s, 1099’s for personal guarantors, IF RELEVANT
- Balance Sheet and P & L for business as of 12/31/2019
PURPOSE OF THE LOAN: Can be used temporarily for ongoing expenses such as payroll, leases, insurance, or other operating expenses or for adaptive costs such as purchase of e-commerce equipment/website creation and/or upgrade of online sales site.
LOAN SPECIFICATIONS: Maximum loan amount $5,000, Interest rate capped at 3%
REPAYMENT TERMS: Payments to begin 6 months after loan originated, 1st year interest only, next 2 years P & I amortization
FOR LOAN APPLICATION AND CHECKLIST OF REQUIRED DOCUMENTS, Contact Beverly.Pullen@fauquiercounty.gov
IF YOU MIGHT BE INTERESTED IN ADDING FUNDS TO THE PROGRAM, please contact:
Miles Friedman (540) 422-8270, miles.friedman@fauquiercounty.com, Fauquier County Department of Economic Development
Beverly Pullen, (540) 422-8270, Beverly.pullen@fauquiercounty.gov, Fauquier County Department of Economic Development
