Areas Served: Buchanan, Carroll, Dickernson, Floyd, Grayson, Lee,
The People Incorporated Financial Services Microloan Program provides small, short-term loans to Virginia small business concerns in Buchanan, Carroll, Dickernson, Floyd, Grayson, Lee, Russell, Scott, Smythe, Tazewell, Washington, Wise, Wythe, and the cities of Bristol and Norton.
The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance.
These intermediaries make loans to eligible borrowers.
The maximum loan amount is $50,000, but the average microloan is about $13,000. Microloans may be used for the following purposes:
¢Working capital
¢The purchase of inventory or supplies
¢The purchase of furniture or fixtures
¢The purchase of machinery or equipment.
Proceeds from a microloan cannot be used to pay existing debts or to purchase real estate.
Contact InformationPeople Incorporated Financial Services
Address: 1173 West Main Street
City: Abindgon
State: Virginia
Website:
http://www.peopleinc.net/program-community-economic-development.htm
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