Areas Served: City of Waynesboro
The Revolving Loan Fund (RLF) is designed to assist small businesses in the City of Waynesboro, Virginia with a short term, low interest loan.
The loan can be used for a variety of purposes, including, but not limited to: – Acquisition and development of land, easements, and rights of way.
– Construction, conversion, enlargement, repair and or modernization of buildings, plants, machinery, equipment, access streets and roads, parking areas, utilities, air pollution control and abatement facilities.
– Loans for startup operating costs and working capital.
The loan fund has been established by a grant from the USDA Rural Development and is designed to assist small businesses in the City of Waynesboro.
The fund is administered by a committee compiled of members of the EDA and area business owners.
Loans of up to $15,000 are available, for a maximum of 3 years.
The interest rate is Prime less .
25% (currently 3%).
Repayment is made monthly based on a straight amortization schedule.
Contact InformationWaynesboro Economic Development Authority
Address: 503 West Main St
City: Waynesboro
State: Virginia
Website:
http://www.waynesboro.va.us/eco-revolvingloan.php
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