Economic Development
Business Continuity Loan Program
Crater PDC Business Continuity Loan Program
The goal of the Business Continuity Loan Program is to assist existing small businesses to recover from the economic impacts of COVID-19. It is to provide working capital for small businesses to retain employees and to support their economic resiliency.
The Business Continuity Loan is for working capital projects. Loans range from $10,000 to $50,000.
Location:Eligible areas include the Cities of Colonial Heights, Emporia, Hopewell and Petersburg, and the Counties of Charles City, Dinwiddie, Greensville, Prince George, Surry and Sussex.
Applicants: For-profit small businesses.
Uses: Working capital activities.
Term: Up to 1-year.
Rate: Fixed at prime interest rate.
Collateral: Liens on tangible personal property of applicant and personal guarantees of principals.
Application fee: Waived.
Closing costs: Applicant responsible for closing costs. Can be added to loan amount.
Application Instructions
Loan Application
Personal Financial Statement
Submit Application by email to: emusselwhite@craterpdc.org
Contact:
Erin Musselwhite
(804) 861-1666
emusselwhite@craterpdc.org