Beyond collecting informational resources, tangible resources have been assembled to support the community, as well.

The Joint IDA of Wythe County, the Wytheville-Wythe-Bland Chamber of Commerce, and Downtown Wytheville Incorporated have jointly funded a $60,000 loan pool to support small business needs during this time of economic uncertainty.

This fund offers businesses loans up to $2,000 that will be repayable over two years at 0% interest. While this won’t likely make or break many businesses, the mission is to help offset expenses while cash flow is down.

Below you will find information about the loan program guidelines. Loan applications will be accepted on a rolling basis until funds are exhausted. Simple financial statements are required as are some basic qualifications including a statement of impact from COVID-19. Acceptable uses of the financial assistance include operational expenses like rent, payroll, and utilities, as well as purchase of inventory and marketing.

Partners

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Sustainability Loan Fund Guidelines

 

APPLICANT QUALIFICATIONS

  1. Must be an existing for-profit business within the geographic area served by one of the three funding organizations

    1. Downtown Wytheville Incorporated (Downtown B2-DT district)

    2. Joint Industrial Development Authority of Wythe County, Wytheville, and Rural Retreat (all of Wythe County and both towns)

    3. Wytheville-Wythe-Bland Chamber of Commerce (throughout Wythe and Bland Counties)

  2. Business must satisfactorily complete application and submit necessary attachments

  3. Business must have or be pursuing online and/or social media presence with accurate information presented

  4. Financials must be provided for the first quarter of 2020 including cash flow, profit & loss, balance sheet.

  5. Business must have articulable economic impact from COVID-19 public health situation.

  6. Business must certify it has no outstanding tax debts to any locality in the service region.

  7. Application does not guarantee approval.

 

LOAN SPECIFICS

  1. Each business will be eligible for up to $2000.00.

  2. The loan term is 24 months from date of closing.

  3. The interest rate for this loan is 0%.

  4. Quarterly payments will begin on a date agreed-to in the loan agreement and as illustrated in a provided loan amortization.

  5. Each loan will require an agreement between the business and the fiscal agent for that loan.

  6. Loans subject to any special conditions in loan agreement, including but not limited to provision of financials, verification of expenditures, etc.

  7. Funds are available on a first-come first-served basis.

  8. Loans are made to businesses only, not individuals.

 

ACCEPTABLE USES

  1. Operating capital including rent, payroll, inventory purchase, marketing, and similar.

 

UNACCEPTABLE USES

  1. Personal use, savings or investment, purchase of non-essential items, repayment of any outstanding debt, loan, or other burden.

Completed applications and attachments may be emailed to office@wytheida.org.

Mail or drop off applications at 190 South 1st Street, Wytheville, VA 24382.

Please contact a participating partner with questions or for assistance with the application

Downtown Wytheville

180 W. Main St., Wytheville, VA 24382

276.223.3343

 exedir@downtownwytheville.org

downtownwytheville.org

Joint IDA of Wythe County

190 S. First St., Wytheville, VA 24382

276.223.3370

 office@wytheida.org

 wytheida.org

Wytheville-Wythe-Bland Chamber of Commerce

150 E. Monroe St., Wytheville, VA 24382

276.223.3365

 chamber@wytheville.org

wwbchamber.com

©2020 by Made Wythe Pride.