The town of South Boston and Destination Downtown South Boston have partnered to form a $250,000 loan pool to support small business needs.
The loan pool offers business loans up to $5,000 that will be repayable over three years at 0% interest. The first six months payments will be deferred with the loan to be paid off over the next 30 months. The mission is to help offset expenses while cash flow is down. The business must be located within the town limits of South Boston.
Tamyra Vest, executive director of Destination Downtown South Boston, says there is still loan money available.
“We have approved and given loan checks out to 15 businesses so far,” she said.
“On the required numbers that need to be attached, don’t feel like you need to pay your accountant for some formal financials. All we need to see is impact from COVID-19. Your handwritten numbers are fine.
“There is also a separate up-to-$1,000 grant from Virginia Main Street for businesses that sign up for the loan program that are located downtown within the Virginia Main Street designated district. We have 7 of those grants left.”