Virus relief loans offered

The Dickenson County Industrial Development Authority has launched a small business financial relief program for companies harmed by the COVID-19 pandemic.

The Virginia Coalfield Economic Development Authority has made $100,000 of the county’s VCEDA funds available for the IDA to provide zero-interest loans to county businesses that can demonstrate how the virus emergency and government-mandated public restrictions have harmed them.

A qualifying business can get a $2,500 loan with no payments due for six months. After that, the balance can be paid in full or in equal monthly installments for up to 48 months.

Qualifying businesses must “be willing to spend the funds in a manner” consistent with the IDA’s goals, the authority said. “Our number one goal is employee retention. The funds may also be used to pay other operational expenses.”

All correspondence regarding loans must be communicated by email to covid19@dickensonva.org. Please request an application by email to that address.

Applications will be reviewed by an IDA committee and will be approved on a first-come, first-served basis. The authority’s goal is to award funds within 10 days from approval of an application.
For more information, call Mitzi Sykes at 276/393-0210.