EDA announces initiatives to support local small businesses
Since the onset of the COVID-19 pandemic, Front Royal-Warren County EDA Executive Director Doug Parsons and the board of directors have been discussing how to support the local economy.
Yesterday, the organization announced initiatives to support small businesses in the area.
Clients that are part of the EDA’s Rural Enterprise Loan and Intermediary Relending Program and are current on loan repayments as of March 2020 can request their loan payments be deferred through the month of August. Clients will be required to resume regular monthly payments in September. One month will be added to the end of the client’s loan commitment for each month the client defers a payment.
The EDA Board of Directors also approved the charter for the United States Department of Agriculture (USDA) Loan Committee and appointed four citizens to the committee. The EDA has been a small business lender since the late 1990’s through a partnership with the USDA .
A press release from the EDA stated, “The EDA USDA program couldn’t be more timely as businesses have been forced to adapt to current pandemic conditions and entrepreneurs struggle to find a way to finance their ideas. In weeks ahead, more information about the provisions and requirements for loans will be shared with the public.”
The board also voted to support the EDA’s participation in a small business training program called “Start Up Shenandoah Valley” sponsored by the Northern Shenandoah Valley Regional Commission. The program teaches and mentors entrepreneurs and startups to develop their ideas into fully functional businesses. The EDA will offer office space in the EDA Building at 400 Kendrick Lane Suite A toward this effort.
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