ABINGDON, Va. — People Inc. is offering a second round of U.S. Small Business Administration microloans to small businesses financially impacted by the COVID-19 pandemic.
The SBA will help borrowers make payments on any qualifying loan closed between Feb. 1, 2021, and Sept. 30, 2021. Small business microloans will be customized to meet the needs of each individual borrower.
Loans can be as little as $500 or as much as $50,000. They can have terms of as little as seven months or up to six years. The first round of SBA assisted loans was offered May through Sept. 2020, and 56 small business owners were able to use borrowed funds to keep their businesses open during the pandemic while the SBA paid some of — or most of — their monthly payments for that loan.
“Small businesses have used this opportunity to stabilize during the pandemic,” said Shane Simmons, director of community economic development at People Inc. “Businesses who may not have qualified for the first round of funding are now encouraged to apply.”
Microloans are available to small businesses located in the city of Bristol, Buchanan County, Dickenson County, Russell County and Washington County, Virginia. Interested small