FSEDI launches new micro-loan program
Published 10:29 am Wednesday, March 26, 2014
FRANKLIN—With the underwriting support of $15,000 from the SunTrust Foundation, the Franklin Southampton Economic Development Inc. organization is beginning a new micro-loan program.
The program is designed to provide short-term loan assistance to small in the Franklin and Southampton County area. A small business is identified as one with fewer than 20 persons with an active business license with either the City of Franklin or Southampton County.
“Through this program, we will be able to assist small businesses in our region with the training, marketing, and other support they need but can’t afford on small budgets,” said Amanda Jarratt, FSEDI president and chief executive officer. “We are very, very excited to be moving forward with this effort. We are confident it is going to help a lot of people.”
The program works like this:
• Interested businesses may complete the required application for their need.
• A maximum of $2,000 is available via the micro-loan program per application.
• They must meet the minimum criteria for consideration. Criteria include credit worthiness, small business status, and business references.
• An objective group will evaluate the submission.
• All micro-loans must be paid back within a 24-month period. A minimum interest rate is accrued.
• To obtain the applications, visit www.franklinsouthamptonva.com.
Partnering with FSEDI in this endeavor are the following organizations: Franklin Redevelopment & Housing Authority; Paul D. Camp Community College and the Franklin-Southampton Area Chamber of Commerce.
“Our Franklin Business Incubator is a great hub of activity to help the small business person in our community. I truly believe our community will be highly receptive to this opportunity. We just want to get the word out and try to make a positive difference,” said Jarratt.
To learn more information about the program or for additional program details, call 562-1958.