The New River Valley Development Corporation’s (NRVDC) revolving loan fund has over $40,000 available to lend to small businesses in the New River Valley. The loan fund helps small businesses to buy equipment, upgrade facilities, or secure working capital to expand their operations. Typical loans range from $10,000 to $20,000 or more, depending on the needs of the business and the type of collateral on offer. Loan terms are flexible, with favorable interest rates of 2%-4% on many recent loans. In addition, the NRVDC board has provided other types of credit, including revolving lines of credit and flexible repayment schedules (for instance, annual payments instead of monthly) to serve the particular needs of their small business clients.
If you know of a small business that needs low-cost financing to grow, tell them about the NRVDC loan fund! For more information, please visit the New River Valley Development Corporation’s website (http://www.nrvdc.org/dcfinance.html ), or contact Patrick O’Brien, [email protected] or 540-639-9313 x 206 to discuss loan options and obtain an application package.