Fauquier County's Micro Loan Program has been revamped to serve as an emergency loan program for small businesses in the county in response to the COVID-19 crisis.
This fund is now targeted to putting needed resources into the hands of entrepreneurs swiftly. It can accommodate adaptive actions that help firms remain solvent and could also supplement the ongoing costs of doing business until other resources become available.
The fund was created several years ago to provide accessible micro loans within the grasp of many small businesses. The program was launched with a stake from five local banks and the Economic Development Authority and has just over $40,000 available. Participating banks are The Fauquier Bank, Atlantic Union Bank, SonaBank, and Oak View National Bank.
Loans of up to $5,000 are available for businesses in need of immediate relief. The loans can be used temporarily for ongoing expenses such as payroll, leases, insurance, or other operating expenses or for adaptive costs such as purchase of e-commerce equipment/website creation and/or upgrade of an online sales site. Businesses must have a current Fauquier business license to qualify and meet other criteria.
For details and a loan application, contact Beverly.Pullen@fauquiercounty.gov