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People Incorporated and the Grayson County Industrial Development Authority announce a Revolving Loan Fund for entrepreneurs in Grayson County, VA

 

October 10, 2013

Abingdon, Virginia – People Incorporated Financial Services and the Grayson County Industrial Development Authority are pleased to announce a new Revolving Loan Fund Program offering microenterprise loan products and services for entrepreneurs in Grayson County, VA.

“The purpose of this new small business revolving loan program is to stimulate job creation, capital investment and economic diversity throughout Grayson County by offering a unique capital access program specifically designed for our small businesses and entrepreneurs who may be looking to bolster their business or seize upon new opportunities resulting from the opening of the River North Correctional Center”, stated Jonathan D. Sweet, County Administrator

People Incorporated continues to address the demand for financing capital in underserved areas throughout the region.  “We are excited to have the opportunity to expand our business development and financing services in Grayson County,” stated People Incorporated’s President and CEO Rob Goldsmith.  “The Industrial Development Authority’s pledge of $100,000 to create a revolving loan fund specifically for entrepreneurs locating or expanding a business in Grayson County, will significantly expand access to affordable capital and business technical assistance to encourage entrepreneurship and grow the local economy.”

People Incorporated will provide loans to new or expanding businesses in amounts of up to $20,000 to eligible businesses with this new revolving loan fund.  These loans can be used for working capital, to purchase inventory, supplies, furniture or equipment.  People Incorporated also provides business development services including one to one technical assistance, workshops, and other business and credit related classes.  Prospective entrepreneurs and existing small businesses interested in applying for a loan may contact Deborah Wagner, Director of Community Economic Development, by emailing dwagner@peopleinc.net or by phone at 276-619-2239.

About People Incorporated Financial Services
Headquartered in Abingdon, VA, People Incorporated Financial Services is a non-profit, certified Community Development Financial Institution that promotes economic self-sufficiency and access to capital for economically disadvantaged people and communities by providing business development and lending services, technical assistance, financial and credit literacy training, and marketing services to help businesses attract private investment and create jobs.  Since 1992, People Incorporated Financial Services has loaned over $47.3 million, and has helped to create and/or retain 2,636 jobs in local communities. People Incorporated Financial Services is an affiliate corporation of People Incorporated of Virginia, one of the nation’s most successful and innovative Community Action Agencies. For more information about People Incorporated’s programs and services, visit People Incorporated on the web at www.peopleinc.net.