For more information contact Lydeana Martin at email@example.com
Local and Regional Sources for Loans
Businesses with 9 or fewer employees may apply for up to $20,000 loan (2% annual interest for 5-year term; 4% annual interest for 10-year term.) Based on the creation or retention of jobs in Floyd County.
Town of Floyd’s Revolving Loan Pool
Low interest loans available to businesses located in or moving to Town.
Contact Town manager at 540 745-2565 or firstname.lastname@example.org.
Industrial Revenue Bond Financing
The Economic Development Authority of Floyd County has the legislative authority to issue private activity tax-exempt bonds to finance the acquisition of land, building, and new capital equipment for certain businesses and nonprofit organizations located in the Floyd County. These Industrial Revenue Bonds are available to 501(c)(3) nonprofit organizations and small manufacturing businesses that meet the qualifications and restrictions defined in the U.S. Tax Code. This tends to be advantageous for the company only if the project is at least $1 million, because of the high legal costs of doing this.
Contact Lydeana Martin at email@example.com or 540 745-9300.
New River Valley Development Corporation Revolving Loan Program
Contact is Patrick O’Brien at 540 639-9313.
One or two of their loan programs extends into Floyd County, though most of their programs do not.
State Loan and Grant Programs
Has an expedited loan guarantee program that will cover up to 80% of the loan; there is a 1% fee (generally loan guarantees help facilitate private loans and /or more favorable interest rates.)
Contact is Craig Barbrow at (276) 228-3513, x 123 or firstname.lastname@example.org.
Virginia Community Capital
Has attractive loan products that may help. For example, see http://www.vacommunitycapital.org/lending.
Contact is Shawn Rai at (540) 260-3126 ext 111 or email@example.com.
Virginia Small Business Financing Authority
Offers small business loans up to $25,000, gap financing (in conjunction with banks) and loan guarantee programs, as well as industrial revenue bonds (and IRB is usually only if beneficial if the building & improvement costs will exceed $1 million.)
Contact is Linda Gilbert at 540 492-0493 or firstname.lastname@example.org
Small Business Administration Loans
The loans available are listed here. Some target rural or other high-need areas. http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/sba-loan-programs. Radford University Business Assistance Center (Anthony Byrd at (540) 831-6056 or email@example.com) or the Roanoke Small Business Development Center are the go-to contacts on these, as well as free business plan assistance.
The Virginia Center for Innovative Technology offers loans to certain technology firms. The loans may be converted to equity later.
For more in see www.cit.org
While they receive a lot of press, grant opportunities tend to be very targeted; they tend to depend on the credibility of the company, the amount of private investment and the number of jobs to be created. Here’s what I’m aware of related to assistance with technology, production or agricultural companies.
For more information on any of these, contact Lydeana Martin at firstname.lastname@example.org or 540 745-9300.
Note that Floyd County is the only locality in the New River Valley/Virginia Tech region that is eligible for Tobacco Commission funds.
Governor’s Opportunity Fund
Currently the minimum threshold for Floyd County is $1.5 million in private investment and 15 jobs if they are considerably above local average wages. Grants tends to be $50,000 or greater. Requires local match.
Tobacco Region Research and Development Fund
The primary objectives are to support research within this region that has a high likelihood of moving into a commercialization stage with accompanying job creation and private sector capital investment here. Eligible areas are Energy, Biomedical and Health Care, Information Technology, Chemical and Materials, and Environmental. Grants range from $250,000 to $2 million and require one-to-one match from the company (can include other grants such as National Science Foundation.)
Tobacco Region Opportunity Fund
Minimum of $1 million of private investment; no set job requirements but state wants to see Return on Investment in 36 months, which typically means 15 or more jobs unless capital investment is very large.
Community Development Block Grant Funds (for OFF-site improvements only)
Minimum of $100,000 private investment and 10 new jobs (paying >=1.5X’s minimum wage) for low-to-moderate income persons, project may be eligible for off-site improvements (water, sewer, access roads.)
Rural Development’s Rural Business Enterprise Grant program
Investment and job creation required but no set minimums. Can be a year-long process for up to $75,000 and the money must be used for capital investment (such as equipment) and that capital MUST be owned by local government or EDA, and leased (low-cost) to the company.
Contact is Lydeana Martin at email@example.com or 540 745-9300.
Virginia Individual Development Account
2-to-1 saving-matching funds to start a business, etc. for income-eligible applicants; up to $4,000 per person. See website.
USDA Value-Added producer grants
Can help with planning and marketing, as well as renewable energy on site.
Note that if you’re not a co-op and go the individual producer route, you have to produce 50% or more of the crop that’s being “value-added.”