Main Street establishes low-interest loan fund
By Dan Howe
Downtown Franklin Association’s Board of Directors has announced the establishment of a Revolving Loan Fund. A grant from Virginia Main Street and the Virginia Department of Housing and Community Development is providing DFA with the impetus and resources to establish the fund. The Revolving Loan Fund is initially being administered as part of DFA’s SOS Relief Grant Program, which was implemented to offset some of the devastating economic consequences of the pandemic. In the longer-term, an ongoing, low-interest loan source will be available to support economic development activities in Franklin’s central business district, assisting in the establishment of new small businesses or assisting existing businesses with growth plans.
Since the receipt of the grant from DHCD, Downtown Franklin Association has awarded 28 grants to small Main Street businesses via ROUND II of its SOS: Save Our [Main] Street grant program.
“With the establishment of our Revolving Loan Fund, this generous award from Virginia’s Department of Housing and Community Development will have ongoing impact for the vitality of our Main Street business community,” stated Jackie Newsome, vice president, Downtown Franklin Association Board of Directors.
The City of Franklin is a designated Virginia Main Street Community. Downtown Franklin Association is accredited by National Main Street to administer the Main Street program for the City. This year, Franklin Main Street is celebrating its 35th anniversary.