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List of Microlenders in the Alleghany Highlands

Microlenders might be a good resource for your small business when the traditional banking route isn’t appropriate.

Microlenders are nonprofit community organizations that make loans mostly to small businesses, which don’t have banking relationships or access to traditional credit.

Some microlenders work with entrepreneurs only after they have been turned down by traditional lenders. Some do not. Unlike banks, which make lending decisions based on strict financial criteria, microlenders take a more personal approach: getting to know the applicant and the business, evaluating the owner’s business idea and business proposal in depth.

There are two microlenders serving the Alleghany Highlands:

Total Action Against Poverty
Business Seed Capital, Inc
145 Campbell Avenue SW
Roanoke, VA 24011
540 345-6781

Also, we here at the Alleghany Highlands Economic Development Corporation is offering microloans up to $1,500, for eligible small businesses to help address needs resulting from the COVID-19 crisis through June 30, 2020. The funds were made available through the USDA in an earlier award and will be used to benefit as many small businesses as possible. A limited amount of funds is available so businesses are encouraged to apply as soon as possible.

Community partners are assisting with marketing this opportunity to small businesses that may wish to get further information about the microloans. The Alleghany Highlands Chamber of Commerce and Tourism, Olde Town Covington, Clifton Forge Main Street, Alleghany County, City of Covington, and the Town of Clifton Forge and Iron Gate are assisting with publicity so that local businesses are aware of the assistance that local organizations are stepping up to provide.

Community partners and local governments are working in tandem to publicize this micro loan program. Applications can be submitted by email to . Mailed applications need to be post marked no later than 5:00 pm on Tuesday, June 30, 2020. Those submitted after the deadline will not be considered.

Guidelines for the application: The Alleghany Highlands Economic Development Corporation is offering microloans up to $1,500, for eligible small businesses to help address needs resulting from the COVID-19 crisis. The funds were made available through the USDA in an earlier award and will be used to benefit as many small businesses as possible. A limited amount of funds is available so businesses are encouraged to apply as soon as possible.

Community partners are assisting with marketing this opportunity to small businesses that may wish to get further information about the microloans. The Alleghany Highlands Chamber of Commerce and Tourism, Olde Town Covington, Clifton Forge Main Street, Alleghany County, City of Covington, and the Town of Clifton Forge and Iron Gate are assisting with publicity so that local businesses are aware of the assistance that local organizations are stepping up to provide.

Community partners and local governments are working in tandem to publicize this micro loan program. Applications can be submitted by email to . Mailed applications need to be post marked no later than 5:00 pm on Tuesday, June 30, 2020. Those submitted after the deadline will not be considered.