Harrisonburg Creates Loan Program to Support Local Businesses Affected by COVID-19
As small businesses continue to battle the effects of COVID-19, the city of Harrisonburg is rolling out a loan program to benefit those affected.
The Harrisonburg Disaster Loan Program
Harrisonburg’s Department of Economic Development announced Thursday that it will soon begin the process of granting loans of up to $ 5,000 to help small businesses that have struggled with the virus.
The Harrisonburg Disaster Impact Loan Program will provide 3-year interest-free loans with no payment up to 90 days after the funds are distributed to the business.
Any business considering applying must have been established and operational in the city for at least 6 months. Loans can be used for employee payroll, utility costs, inventory, and rent.
But due to the limited amount of funds available to the city, not all loans will be approved.
Applications will be reviewed and accepted as they arise, with reviews being carried out by a loan review committee. Applications are on the
“Our local business community is the lifeblood of Harrisonburg, and we are committed to doing what we can to support you during this difficult time,” said Brian Shull, director of economic development for Harrisonburg. “We encourage anyone with questions to contact our office or contact any member of the Regional COVID-19 Business Support Working Group. “
Anyone with questions can contact Peirce Macgill at Harrisonburg Economic Development at (540) 432-7701.
The COVID-19 regional business support working group
In addition to the loan program, the Harrisonburg Department of Economic Development is a member of the COVID-19 Regional Business Support Task Force which is working to find other ways to address business concerns.
According to a statement released Thursday, representatives from the economic development town of Harrisonburg; Rockingham Department of Economic Development and Tourism; the Shenandoah Valley Partnership; the Shenandoah Valley Small Business Development Center (SVSBDC); Renaissance of downtown Harrisonburg; and the Harrisonburg-Rockingham Chamber of Commerce will meet weekly as part of this working group to brainstorm ideas, organize resources, share information and unify efforts to address business and employer concerns at the local level. in the face of the coronavirus crisis.
At their first meeting, the new working group said they had done the following:
• Coordination of numerous state and federal alerts and program proposals for the support and financing of businesses.
• Distilled information on the first emergency small business loan program, through the Small Business Administration with local support through the SVSBDC.
• Collecting data from area employers and the local economy to share with state agencies and federal departments and authorities to assess impacts and support economic relief efforts.
• Began developing a video that educates the public on how and why they should support local businesses during this unprecedented time.
• Worked to launch a continuously updated one-stop Google Doc that consolidates COVID-19 business assistance programs and toolkits.
Governor Ralph Northam on Wednesday
that Virginia would apply to the Small Business Administration to allow Virginia businesses to receive loans under the SBA’s Disaster Lending Program.
The SBA’s Disaster Loan Program is designed to help small businesses and nonprofits meet their regular and necessary financial obligations that cannot otherwise be met as a direct result of COVID-19.
To learn more about the program, the Shenandoah Valley Small Business Development Center has
. You can also find more directly through the SBA at
The task force says its members “all work tirelessly to keep up with rapid developments and developments, particularly at the federal and state levels. Elected officials are keenly aware of the economic impacts of COVID-19 and the measures being implemented. working to stop its spread The hope is that actions taken at the federal, state and local levels will result in an earlier end to the impact of the virus and a return to a normal business climate.
They encourage people to buy gift cards from local businesses now to ease their cash flow so their doors can reopen in the future. They are also urging people to shop online and take advantage of curbside pickups, deliveries, take out or online shopping options offered by local stores.
The members of the working group are:
Economic Development of the Town of Harrisonburg
Brian Shull, Peirce Macgill
Rockingham Economic Development and Tourism Department
Casey Armstrong, Josh Gooden
Shenandoah Valley Partnership
Shenandoah Valley Small Business Development Center
Joyce Krech, Allison Dugan
Rebirth of downtown Harrisonburg
Harrisonburg-Rockingham Chamber of Commerce