Small Loans for Small Businesses
Designed for entrepreneurs who may not qualify for traditional bank financing, the Greenbrier Valley EDC’s microloan program may work for you. Whether you have a need for equipment, renovation, or expansion, let the Greenbrier Valley EDC walk you through the process.
Loan Can Be Used For:
- Renovation
- Working Capital
- New Construction
- New Equipment
- Inventory
- Down Payments
- And Much More!
Eligibility
- Located in Greenbrier, Monroe, or Pocahontas County.
- New or existing legal business.
- Current on state taxes.
- Must meet loan application policies.
- Unable to secure traditional bank financing.
Loan Details
- Loans from $5,000-$30,000
- $150 application fee
- Interest rates at Prime +1%
- Terms up to 15 years
- 60 days before first payment
- Collateral required for all loans
- Personal guarantee for all loans
Loan Payments
This is a loan program – not a grant program
- Collections are aggressively pursued.
- $10 late fee assessed after 10 days.
- Collections may begin after 60 days.
Loan Application Process
- Request Loan Application or download below.
- Complete credit report and state tax form and mail to the GVEDC with a check for the $150 non-refundable application fee.
- Complete loan applications and send in all documents listed on checklist.
- Review loan application documents with GVEDC representative and make changes as necessary.
- Loan board makes decision on application and notifies loan applicant.
- If approved, GVEDC representative works with borrower to prepare closing documents and to schedule a closing. There are no additional closing costs!
Questions?
If you have questions about the Microloan or having problems opening the PDF, contact Amy Truesdale at atruesdale@gvedc.com or (304) 497-4300.
Greenbrier Valley Economic Development Corporation is an equal opportunity provider, employer, and lender.
