Economic developers in the Roanoke Region are committed to assisting the business community with access to resources and knowledge to navigate COVID-19.
There are new financial programs to assist businesses through this uncertain period.
- Virginia Career Works Blue Ridge Region: Funding is available to support businesses avert layoffs. Funds can be used to help a business provide telework equipment or software or other needs to help stop the spread of COVID-19. Must apply by Friday, April 3.
- Economic Injury Disaster Loans and Loan Advance: Small business owners may apply for an EIDL loan advance of up to $10,000. The program is designed to provide working capital loans of up to $2 million to help businesses overcome loss of revenue. Funds are made available within three days of a successful application and the loan advance ($10,000) will not have to be repaid.
- Paycheck Protection Program: Eligible recipients may qualify for a loan of up to $10 million to fund up to 8 weeks of prior average payroll expenses plus an additional 25%. Loan payments will be deferred for 6 months. If the business workforce is maintained, SBA will forgive the portion of loan proceeds that are used to cover the first 8 weeks and certain other expenses subject to conditions.
- SBA Debt Relief: This program will pay principal and interest of new 7(a) loans issued prior to Sept. 27, 2020, and will pay six months of principal and interest of current 7(a) loans for six months. Download the list of Virginia lenders (PDF).
- SBA Express Bridge Loans: Small businesses with a current SBA relationship can access $25,000 rapidly. These loans will be paid in full or in part by proceeds from an EIDL loan. This program is intended to make cash available pending a decision on an EIDL loan.
An overview of SBA programs can be found here.