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People Inc. Offer Microloans to Area Small Businesses

17 February 2021


We pre-recorded today’s conversation via Zoom to learn about the microloan program offered by People Inc. to area small businesses. Joining me on the Zoom was Rachel Fogg, Public Information Officer for People Inc. and their Director of Community Economic Development, Shane Simmons.

Shane explained the small business microloan program is customized to meet the needs of each individual borrower. Loans can be as little as $500 or as much as $50,000. They can have terms of as little as seven months or up to six years. The first round of SBA assisted loans was offered May through Sept. 2020, and 56 small business owners were able to use borrowed funds to keep their businesses open during the pandemic while the SBA paid some of – in some cases, most of – their monthly payments for that loan.

He gave us examples of the the money money borrowed could be allocated for: equipment, inventory, payroll, working capital, etc. The SBA will help borrowers make payments on qualifying loans closed between February 1, 2021 and Sept. 30, 2021. This opportunity is available for small businesses in Clarke County, Frederick County, Page County, Shenandoah County and Warren County. Small business owners within the CIty of Winchester can go to sba.gov and type in their zip code for access to similar resources.

You can call the toll-free hotline to start the process or ask questions: 833-437-0115 or visit their website: http://peopleinc.net/

People Inc. Offer Microloans to Area Small Businesses
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