HARRISONBURG, Va. (WHSV) - The second round of U.S. Small Business Administration microloans are available for small businesses that have been financi
HARRISONBURG, Va. (WHSV) – The second round of U.S. Small Business Administration microloans are available for small businesses that have been financially impacted by the COVID-19 pandemic thanks to People Incorporated of Virginia.
In 2020, People Inc. and SPA helped keep more than 50 local businesses keep their doors open.
Microloans are available for as little as $500 and up to $50,000, based on the needs of each small business. Terms of as little as seven months or up to six years are available. SBA loans can be made to as many businesses which qualify.
Rachel Fogg, with People Inc. of Virginia, said to find out if you apply, just call give the People Inc. lenders a call at (833) 437-0115.
“Our lenders will really walk them through the process, let them know if they qualify, and what their options are,” Fogg said. “If that works out, we send them an application, work with them through the details and typically, we’re done with the process in a couple of weeks.”
SBA will help borrowers make payments on any qualifying loan closed between Feb. 1, 2021, and Sept. 30, 2021, Fogg said.
They are available to small businesses located in Clarke County, Frederick County, Page County, Shenandoah County, and Warren County.
For more information on People Inc. of Virginia, click here.
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