MicroLoans can help small businesses

Published 11:15 am Friday, October 3, 2014

Is your start-up business in need of capital? Does your business need some cosmetic upgrades and you currently are not able to fund such projects? The Franklin Southampton Economic Development (FSEDI) office has a wonderful program that can help.

FSEDI is now offering a MicroLoan Program to city and county businesses. The program’s primary goal is to provide loans for the establishment, stabilization, and expansion of small businesses licensed or to be licensed and located in the City of Franklin or Southampton County.

The intent of the MicroLoan Program is to provide financial and strategic counseling help to small business owners and others who have operated businesses, and to assist small businesses who are suffering from a lack of credit due to economic circumstances.

Funds awarded from the MicroLoan can be used for a variety of purposes including but not limited to: training for employees/staff; furniture and fixture purchases; equipment and machinery purchases, including installation costs; and working capital to include inventory, receivables and operating capital.

Payment of the MicroLoan is flexible and loan terms will range from 12 months to 3 years. The term is negotiable based on individually affordable payments, but will be no greater than 3 years.

The FSEDI Microloan Program has only a few requirements for eligibility: minimum of 18 years of age; possess a current bank account in the name of the business, the business owner, or a representative capable of administering the loan award; and the individual must own or operate a business within the corporate limits of the City of Franklin or Southampton County. An application is required and a $50 non-refundable fee will be assed once an application has been submitted.

The MicroLoan program is offered through a grant from the SunTrust Community Foundation. Applicants are screened through a strategic partnership that involves FSEDI, the Chamber and Paul D. Camp Community College.

If you are interested in applying for the MicroLoan Program or have any questions please email Ashley Cotton at acotton@franklinsouthamptonva.com or call 562-1958.

We look forward to receiving your application!

AMANDA JARRATT is the President and CEO of Franklin Southampton Economic Development, Inc. Her email is ajarratt@franklinsouthamptonva.com.