Fairfax County Approves $ 2.5 Million In Coronavirus Relief Micro Loans For Small Businesses

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The Fairfax County Business Micro Loans will be principle-free and interest-free for six months, and will have a term of six years with an interest rate of 3.75% after the first six months.

The Fairfax County Board of Supervisors has approved a $ 2.5 million COVID-19 Small Business Stimulus Fund that will provide loans of up to $ 20,000 to eligible businesses in Virginia.

The micro-loans will be without principle or interest for six months, and will have a term of six years with an interest rate of 3.75% after the first six months.

The loans will be available on a first come, first served basis to small businesses based in Fairfax County with less than 50 employees in total. In addition to demonstrating financial hardship due to COVID-19, companies applying must prove their financial viability and have no outstanding tax liens or legal judgments.

Applicants will need to attend a pre-submission counseling session and be recommended by a Fairfax County recognized small business counseling program.

“There are currently a number of federal programs to help small businesses survive. The Fairfax County micro-loan funding and support counseling are complementary to these programs, ”said Jeffrey McKay, chair of the Fairfax County Board of Supervisors.

The Community Business Partnership will administer the micro-loan program and lead a network to provide advice to small businesses.

Micro loans can be used for a variety of relevant small business needs, including working capital, equipment, rent, debt payments, and other operating expenses.

Applications will be accepted from April 28.

There are more details of the Fairfax County Small Business COVID-19 Stimulus Fund online.


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