Small Business Development

Revolving Loan Fund

The Small Business Development Revolving Loan Fund (RLF) was established by the Wise County Industrial Development Authority as an economic incentive for small businesses to establish, expand or relocate in Wise County, Virginia. The fund allows the IDA to offer low interest micro loans to  small businesses (less than 50 employees) for the purpose of land acquisition, purchase and renovation of buildings, acquisition of equipment, machinery, furniture and fixtures, and establishing working capital for new (less than one year) businesses.

 

The intent of the RLF is to encourage the expansion and development of viable business activity, including full-time and/or part-time job creation in Wise County. The RLF is targeted to those businesses that cannot obtain economically feasible financing due to conventional interest rates and lending/exposure limits applied by local lending institutions. Other financial commitments must be in place at the time of the application and no loan shall be made from the program where there is reasonable doubt as to the ability of the borrower to repay the loan.

Click the button below for Program Guidelines and Instructions on how to apply.

Lenowisco Small Business Recovery

Assistance Program

The City of Norton, County of Lee, County of Scott, and County of Wise have jointly established a regional $1.6 million grant fund, known as the LENOWISCO Regional Small Business Recovery Assistance program, to support the district’s small and nonprofit business recovery efforts following the COVID-19 outbreak. One-time grants of up to $15,000 are being provided to eligible businesses within the district to offset business impacts during the pandemic. The grant program will be administered by the City of Norton, on behalf of its neighbor counties, under the oversight of a regional management team.

Round 5 of Funding Now Available

Deadline - March 12, 2021

Regional Resources

There are a number of unique incentive and financing programs available in Virginia’s e-Region designed to encourage the creation of new jobs and economic diversification.

The Virginia Coalfield Economic Development Authority (VCEDA) provides low-interest loans to for-profit basic employers and industrial development authorities.  For further information on VCEDA financing programs, Click Here.

Other incentive and financing programs are operated by the Virginia Tobacco Indemnification and Community Revitalization Commission, the Virginia Economic Development Partnership, the Virginia Small Business Financing Authority, and countless other organizations.  For further information on these programs, Click Here.

To download the Virginia Guide to Business Incentives published by the Virginia Economic Development Partnership, Click Here.

All incentives and financing programs are subject to certain eligibility, application, due diligence, and approval requirements.

Source: Virginia Coalfield Economic Development Authority (VCEDA)

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