Are you a Broadway Business owner? Does your storefront need some TLC? Do you need new equipment? Inventory upgrades? the Town of Broadway offers small-business micro loans at 3-year fixed-rate terms at 1/2% below prime rate at the time of applications!
New or existing retail, service or commercial ventures located in the Town of Broadway. Preference will be given to those applicants located on Main Street. A completed application must be submitted to the Town Manager.
Loan funds can be used for façade improvements, equipment, inventory and working capital.
A maximum of $15,000 may be loaned for a term not to exveed three years. No matching funds or financing are required. Each applicant will be evaluated on a case-by-case basis for creditworthiness and project viability.
Terms and Underwriting:
Loan term will be a maximum of three years, depending on the asset financed. The rate will be fixed at one-hal below prime rate at the time of the application.
The Town Manager, a Town Council Member, the BHP President, BHP Executive Director, and a Financial Officer will review and make the final loan determination process. All terms and conditions will be set by this committee.
A non-refundable application free of $50.00 is due when the application is submitted.
Contact the Town Office or BHP for a copy of the application, submit to the town office or to PO Box 156, Broadway VA 22815.