Harrisonburg Business Loan Program
We’re helping Harrisonburg businesses grow!
Harrisonburg Economic Development’s Business Loan Program aims to encourage small business development and expansion in Harrisonburg. We know that there are opportunities for small businesses to grow and it is our mission to help those businesses.
Responding to feedback from local businesses to help provide funding for start-ups and continuing business support, Harrisonburg Economic Development sought out a grant to develop a revolving loan fund. Providing an alternative to traditional loans, the Business Loan Program makes it easier for small businesses to access necessary funds, as many may not meet traditional loan requirements.
In October 2011, the Harrisonburg Business Loan Program was launched in partnership with the United States Department of Agriculture’s Office of Rural Development. The USDA funded $99,500 to initially capitalize the loan program and Harrisonburg Economic Development, provided an additional $25,000.
Loans of up to $25,000 are available to City-based businesses with 3-5 year terms and a 4.75% interest rate.
Application for a loan through the program will be reviewed, evaluated, and approved by the City’s loan review committee, appointed by the Economic Development Director.
Contact us today and get growing!