Micro Loan program continues to accept applications

Published 3:02 pm Tuesday, July 14, 2015

by Amanda Jarratt

To date, two Micro Loan awards have been made in the City of Franklin and there are more awards available for which business owners in the City of Franklin and Southampton County can take advantage. Franklin Southampton Economic Development, Inc., the SunTrust Foundation and our other community partners are pleased with the amount of interest received regarding the program, and we are hopeful more business owners will take advantage of this great community resource.

As a refresher, the Micro Loan program is designed to provide short-term loan assistance to small businesses located in the City of Franklin or Southampton County. A small business, for the purpose of this program, employs fewer than 20 persons and holds an active business license with either the City of Franklin or Southampton County.

The program is simple:

• Interested businesses complete the required application indicating their financial needs;

• Businesses must meet the minimum criteria for consideration – Criteria include credit worthiness, small business status and business references;

• An objective group will evaluate the submission;

• A maximum of $2,000 is available via the Micro Loan program per application;

• All Micro Loans must be paid back within a 24-month period. A minimum interest rate is accrued;

• To obtain the applications, visit the www.franklinsouthamptonva.com website.

Amanda Jarratt is the CEO and president of Franklin-Southampton Economic Development Inc. She can be reached at ajarratt@franklinsouthamptonva.com or 562-1958.