Fauquier County Continues to Push Local Commercial Growth with the Introduction of a Micro-Loan Program for Small Businesses

FAUQUIER COUNTY, Va.--()--Small, growing businesses in Fauquier County may now apply for a newly available financial boost through the Department of Economic Development’s innovative Micro-Loan Program.

The Micro-Loan Program offers small business financing of up to $10,000 at competitive interest rates, typically over a 2-3 year term. Funds obtained can be used for working capital, inventory or supplies, furniture or fixtures, and machinery or equipment. This focused initiative augments other critical programs aimed at driving business growth, expanding the commercial tax base, and creating or upgrading jobs for Fauquier County residents.

Oak View National Bank has stepped up to handle processing for organizations approved to receive a Micro-Loan. Initial funds for lending have been provided by the Economic Development Authority and four other local banks – The Fauquier Bank, Middleburg Bank, Sona Bank, and Union Bank & Trust. None of these collaborating organizations will receive compensation, fees or repayment of any loans; all repayments and program proceeds will be reinvested into the Micro-Loan Program, which will operate as a revolving loan system with a self-sustaining source of funds.

Businesses interested in applying for the program should call (540) 422-8270 or email beverly.pullen@fauquiercounty.gov to request an application. The fee for application is $50, which is reimbursed if the loan is granted.

About Fauquier County Department of Economic Development:

The Department of Economic Development is charged with growing businesses, attracting travelers and leveraging new investment in Fauquier County. Programs are designed to provide support to firms who are doing business or hoping to do business in the County, to expand the commercial tax base and to create/upgrade jobs for Fauquier County residents. Learn more at: FauquierBusiness.com.

Contacts

Fauquier County Department of Economic Development
Crystal McKinsey, 540-905-4457

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