Micro Loan

How much can I borrow?

$1,000 to $15,000

 

What is the interest rate and terms?

1% above prime on the day of closing for up to 6 years.

 

How can I use it?

Working Capital, Machinery, Equipment, Inventory, Supplies, Furniture and Fixures.

 

ELIGIBILITY

Due to the limited availability of funds, an effort will be made to maximize the economic return in terms of job creation and increased tax base.

Applicants must be at least 18 years old.

Applicants will sign a release allowing the agency to complete a credit inquiry on individual, joint partnership and/or business.

Business size at the time of application must not employ more than 10 people.

Business address and residence of infividual must be in Greenbrier, Monroe and Pocahontas Counties.

The following are not eligible for the MRLF Program:

Applicants engaged in illegal activities or production, servicing or distrubution of illegal products.

Applicants currently incarcerated, on probation, on parole, or who have criminal cases pending against them.

Applicants whose probation or parole has been lifted solely because it is an impediment to obtaining a loan.

 

PROGRAM PROCEDURES

Interested borrowers request a loan application package from the Greenbrier Valley Economic Development Corporation. Every effort should be made to have a pre-application meeting with the GVEDC staff. The purpose of this meeting is to review the proposed project and discuss its eligibility requirements.

A complete application package must be submitted to the GVEDC with a $30.00 non-refundable processing fee. If the application package is complete, staff will assemble the loan package and forward to the loan review committee for approval/denial. Incomplete or additional information request packages will be returned to the loan applicant for futher changes and can be resubmitted with the proper changes after 30 days.

If approved, the loan agreement is executed with the applicant. All closing costs, including such legal services as may be required by the GVEDC are to be borne by the borrower. NOTE: Projects can not begin prior to closing.

The loan fund disbursement will be made in one payment unless prior agrangments are made before loan closing.

The project is completed in accordance with its agreed upon terms.

Applicant repays the loan and completes the technical assistance requirements as per the terms of the loan agreement. NOTE: This program is designed to assist the small business person while increasing his/her overall business skills.

If you would like an application please call 304-497-4300 or email us at info@gvedc.com.

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