Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, August 12, 1995 TAG: 9508140051
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE: TODD JACKSON STAFF WRITER
DATELINE: LENGTH: Medium
The Chamber of Commerce and TAP each will receive $70,000 this year - seed money to leverage privately funded small business and entrepreneurial loans and to provide technical assistance, state officials said Friday.
The program - which is to provide close to $1 million this year - was established to benefit lower-income Virginians seeking capital and business training. It will serve a market that banks can't get to now, said Franklin County Planning Director Tim Krawczel. He helped write the county's application for the grant.
Krawczel said $40,000 of the county's grant will be used to leverage small loans. Four county banks have committed $100,000 each to create a loan pool that will be available to business operators, he said.
The remaining $30,000 will be used to train loan applicants and to provide mentors who will follow their progress, Krawczel said.
A total of 26 loan prospects seeking $235,000 already have been identified, according to the county's application.
Krawczel said the county will be in position to receive a $100,000 initiative grant next year.
The VEI program promotes self-sufficiency and empowerment, said David Caprara, director of the state's Department of Housing and Community Development.
The department reviewed 24 applications for funding and 15 organizations were awarded grants ranging from $50,000 to $70,000.
For more information about the program, call the Department of Housing and Community Development at (804) 371-7000, the Franklin County chamber at (540) 483-9542, or TAP at (540) 345-6781.
by CNB