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Ninth District Development Financing Inc invites Loan Requests for tourism-related businesses in Virginia’s Ninth Congressional District.


November 5, 2012
Abingdon, VA  – Ninth District Development Financing was named the Outstanding Tourism Organization of the Year by Blue Ridge Travel Association at their 2012 Annual Conference held November 2, 2012 in Galax, Virginia, (www.virginiablueridge.org). Felicia Hash, President of Blue Ridge Travel Association and Grayson County Director of Tourism and Director of Finance, and Mary Jo Babbitt, Tourism Development Coordinator for Wytheville, presented the award.

If you are considering starting or expanding a tourism-based business in Southwest Virginia, People Incorporated wants to make sure you know about the Ninth District Development Financing (NDDF) Loan Fund.  Developed in 1995, with the support of U.S. Congressman Rick Boucher, this revolving loan fund supports local tourism efforts with low interest working capital and fixed asset financing. The current rate for the loan fund is 3.25% for well-qualified borrowers.  NDDF supports job creation while preserving and enhancing the region’s cultural, historical, and natural attractions for visitors and residents alike.

“Funding from Ninth District Development Financing enhances and ensures the economic sustainability of tourism businesses that showcase the natural beauty and culture here in Southwest Virginia” says Rob Goldsmith, President and CEO of People Incorporated which manages the loan fund, “This loan fund has also proved to be a substantial job creator throughout the region since its inception in 1995.”   

Loan funds are available throughout the Ninth Congressional District including: the counties of Alleghany, Bland, Buchanan, Carroll, Craig, Dickenson, Floyd, Giles, Grayson, Lee, Montgomery, Patrick, Pulaski, Russell, Scott, Smyth, Tazewell, Washington, Wise, Wythe; the western portion of both Henry and Roanoke counties; and the cities of Bristol, Galax, Martinsville, Norton, Radford and Salem.  Businesses must be tourism-related, located within the Ninth Congressional District of Virginia to access funding; hotels and restaurants are not eligible businesses.  For more information about Ninth District Development Financing Inc., please contact Mr. Ernie Maddy at (276) 619-2265 or visit our website at www.nddf.org .

About Ninth District Development Financing Inc.
In the years since its inception, Ninth District Development Financing Inc. has remained true to its goal to enhance the development of travel destinations that are authentic and which add diversity to tourist experiences in the Ninth Congressional District of Virginia. By providing working capital and fixed asset financing for projects that develop and enhance tourism, create jobs and expand economic development, this fund successfully supports efforts to preserve and enhance the cultural, historical, and natural assets that local citizens enjoy and would like to promote for the enjoyment of visitor to the region. Ensuring the creation of new job opportunities in the Ninth Congressional District is the highest priority of the Ninth District Development Financing Inc fund.  Since 1995, this project has been responsible for the deployment of $4.2 million and the creation/retention of 312 jobs.

About People Incorporated of Virginia
People Incorporated is a non-profit Community Action Agency and Community Development Corporation committed to providing opportunities for people to reach their goals in order to enhance their lives, families, and communities. People Incorporated develops programs and strategies that are designed to move people and communities into the economic mainstream. In 2011, People Incorporated provided services to nearly 7,400 clients and generated an economic impact of over $164 million in communities throughout Virginia. For more information about People Incorporated’s programs and services contact the Abingdon office at 276-623-9000 or visit us at www.peopleinc.net .

 

 

 

NDDF Local Business Profile

Light’s at Stone Mill is a locally-owned, small business in the agri-retail industry. Their roots run deep having served the local Washington County community for 72 years as a farm and feed supply store. As the demographics of Abingdon and the surrounding community have changed, the owners realized the need to diversify their business in order to appeal to a wider range of consumers beyond their core commercial agricultural customers. In 2004, Light’s Mill built a brand new 12,000 square foot retail store in Abingdon, Virginia and began offering more products such as clothing, pet supplies, wild bird items and giftables.

Realizing how tourism has been playing a more active role in the local economy and that a recent assessment completed by the Tourism Development Committee of Abingdon identified a gap for retail shopping in their strategic long range planning, the owners of Light’s at Stone Mill have decided to redesign their store showroom and update their inventory mix to become Abingdon’s General store. Their foremost objective is to partner with other local tourism venues (such as Heartwood which is located within a mile of the store) and businesses to give tourists a better place to shop as they experience the history, cultural heritage and attractions of Abingdon. Light’s at Stone Mill will enhance each tourist’s experience with brochures, pamphlets, social media and traditional media, highlighting other local attractions and venues.