Shenandoah County IDA issues loan program for small businesses
In response to the local impacts of COVID-19, the Shenandoah County Industrial Development Authority is issuing the Shenandoah County Disaster Impact Loan Program. The program aims to help small businesses who may be struggling in their day to day operations due to the pandemic. The program will provide interest-free loans on a three-year term with no payments for 90 days after the funds are distributed to the business.
Businesses must have been established in the county for at least the past six months. The loans can be used for payroll, rent, utilities and inventory. Funds are limited and not all applications may be approved. Due to limited funding, a business is ineligible if it is receiving similar loans through the Small Business Administration.
“Small businesses make up the majority of Shenandoah County’s business composition and play a critical role in our economy,” Director of Tourism & Economic Development Jenna French said. “This is one step we can take to help support those businesses through these challenging times.”
To stay up to date on COVID-19 in the Shenandoah Valley, see our COVID-19 updates post.
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