Ready to grow and diversify your Montgomery County company? See if the MBC’s Revolving Loan Fund is a tool you can use

FOR IMMEDIATE RELEASE 
February 21, 2019

Montgomery County, Virginia
Economic Development Department

Montgomery County, Virginia– The MBC Development Corporation is a local, not for profit Community Development Corporation that was created to assist and encourage expansion and diversification of the employment base in Montgomery County, as well as in the two towns of Blacksburg and Christiansburg. The MBC provides loans to small businesses on terms that are not always available from traditional lending institutions.

The purpose of this revolving loan fund is to supplement, not substitute, private sector investment and loans from local banks. The MBC seeks to bridge the gap between private investment and traditional borrowing.

There are several criteria required to be eligible for an MBC loan, which includes being a small business that created basic employment in Montgomery County (including within the two towns). These businesses also must directly or indirectly derive more than 50% of their revenues from out of county sources. These funds may be used for the purchase of machinery and equipment or for the acquisition of certain fixed assets to accommodate the growth of business.

Since 1985, the MBC Development Corporation has made over 35 small business loans totally $1.55 million, with a current portfolio of approximately $345,000. Typical loans are between $25,000 to $50,000 depending on need and the availability of funds. The loan period is also usually five years or less, making it a short-term loan.

The revolving loan fund may be a viable solution for financing your small business. Applicants must submit the following information:

        • An MBC loan application

        • Related financial documents

        • Applicant may also need to submit a comprehensive business plan

The MBC carefully screens all applicants weighing a variety of factors including: credit worthiness, collateral, financial strength and stability of the business or business entrepreneur, and the position contribution or financial impact the business may offer to the community.

If you believe your business would benefit from an MBC loan and to see if you qualify, please see the attached More information on the MBC revolving loan.. For additional information, or to apply, contact Brenda Rigney, Montgomery County Economic Development Project Manager, at rigneybb@montgomerycountyva.gov.

Reposted from yesmontgomeryva.org