The Advancement Foundation provides low-interest loans to qualifying for-profit businesses undertaking certain types of projects designed primarily to create or retain jobs.

 

AREA OF OPERATION: Economic and Revitalization Program area: PDI Districts 1-6: mainly serving the following townships in Virginia, but not limited to, Vinton, Cave Spring, Hollins, Troutville, Fincastle, Buchanan, and Alleghany.

PURPOSE: To create and retain jobs in PDI Districts 1-6 by stimulating new private investment by offering financing which may be subordinated to conventional bank financing.

TYPE OF FINANCING: Revolving Loan Fund (RLF) for working capital and fixed asset loan.

ELIGIBILITY: The applicant must be a Virginia small business, property owner, or have a current or pending lease, or sales contract for an eligible site in the PDI Districts 1-6. A small business as defined is a business which is at least 51% independently owned and controlled by one or more individuals who are U.S. citizens or legal resident aliens, and together with affiliates, has 50 or fewer employees, or average annual gross receipts of $1 million or less averaged over the previous three years. Loans will not be granted to applicants operating a home based business.

Download Application

Questions? Contact Kathleen, Director of Small Business Development.

Kathleen@TheAdvancementFoundation.org; 540-283-7062