By : Star-Tribune
Source : http://www.wpcva.com
Category : Small Business Grant
DANVILLE -Danville Office of Economic Development recognizes the importance of helping small businesses, especially in these uncertain times, and has developed several programs to help out.
"Many of our small business programs are under the radar compared to the more conventional tobacco commission grants and other state funding opportunities. However, our tailored grant and loan programs are very helpful to companies in need," said economic development project manager Anne Moore-Sparks.
Through the Industrial Development Authority's Revolving Loan Fund, the city can offer low interest loans up to $25,000 at 4 percent for small and start-up companies.
Funds can be used for inventory, building improvements, paying off other debt associated with the business, purchasing equipment, and assisting with working capital, to name a few options.
The IDA received a $99,000 grant from the United States Department of Agriculture to start the program.
Thus far, the Revolving Loan Program has been widely successful as the original funds have been expended with loan commitments.
Funds generated by the repayments of the current loans are now being used to assist a new set of qualified businesses.
"This program is designed to provide gap financing - financing that traditional banks are not interested in because of current economic conditions. The program is flexible, yet we do perform our due diligence to ensure the owners have a track record of paying bills and are personally responsible for payment of the debt," said Moore-Sparks.
Danville Office of Economic Development has also assisted in the past with providing financing resources to entrepreneurs and small companies needing professional assistance with writing a business plan.
"It is one thing to have a great idea for a business, and another thing to have a successful longstanding business," said Moore-Sparks. "We have found that it is more important for a company to have assistance with a business plan so that the plan and financial forecast can be placed in a formal document. The entrepreneur then has strategy in place and can see how much cash they need to start a business."
Further, the Office of Economic Development has assisted small businesses that are struggling financially to stay afloat by providing the financial resources to hire a professional consultant to assess the company and offer strong advice on how to stabilize and grow the business.
"Sometimes it is challenging for a company to see significant shifts in their business and promptly respond to changes in the economy. It takes third party objective eyes to help a company refocus its efforts," said Moore-Sparks.
"Our efforts to help small businesses grow will continue to evolve as we learn more about the needs of each company and entrepreneur. It is our goal to help companies develop a sustainable plan for long term growth and success."
Source : http://www.wpcva.com/news/article_79655f20-1f86-11e1-b5ba-001871e3ce6c.html
Source : http://www.wpcva.com
Category : Small Business Grant
DANVILLE -Danville Office of Economic Development recognizes the importance of helping small businesses, especially in these uncertain times, and has developed several programs to help out.
"Many of our small business programs are under the radar compared to the more conventional tobacco commission grants and other state funding opportunities. However, our tailored grant and loan programs are very helpful to companies in need," said economic development project manager Anne Moore-Sparks.
Through the Industrial Development Authority's Revolving Loan Fund, the city can offer low interest loans up to $25,000 at 4 percent for small and start-up companies.
Funds can be used for inventory, building improvements, paying off other debt associated with the business, purchasing equipment, and assisting with working capital, to name a few options.
The IDA received a $99,000 grant from the United States Department of Agriculture to start the program.
Thus far, the Revolving Loan Program has been widely successful as the original funds have been expended with loan commitments.
Funds generated by the repayments of the current loans are now being used to assist a new set of qualified businesses.
"This program is designed to provide gap financing - financing that traditional banks are not interested in because of current economic conditions. The program is flexible, yet we do perform our due diligence to ensure the owners have a track record of paying bills and are personally responsible for payment of the debt," said Moore-Sparks.
Danville Office of Economic Development has also assisted in the past with providing financing resources to entrepreneurs and small companies needing professional assistance with writing a business plan.
"It is one thing to have a great idea for a business, and another thing to have a successful longstanding business," said Moore-Sparks. "We have found that it is more important for a company to have assistance with a business plan so that the plan and financial forecast can be placed in a formal document. The entrepreneur then has strategy in place and can see how much cash they need to start a business."
Further, the Office of Economic Development has assisted small businesses that are struggling financially to stay afloat by providing the financial resources to hire a professional consultant to assess the company and offer strong advice on how to stabilize and grow the business.
"Sometimes it is challenging for a company to see significant shifts in their business and promptly respond to changes in the economy. It takes third party objective eyes to help a company refocus its efforts," said Moore-Sparks.
"Our efforts to help small businesses grow will continue to evolve as we learn more about the needs of each company and entrepreneur. It is our goal to help companies develop a sustainable plan for long term growth and success."
Source : http://www.wpcva.com/news/article_79655f20-1f86-11e1-b5ba-001871e3ce6c.html
