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 thrive, even in challenging economic times – and it is our mission to help those businesses.
Responding to feedback and requests 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 the current economic climate.
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 the City, through its Economic Development Department, provided an additional $25,000. Loans of up to $25,000 are available to City-based businesses.
Application for a loan through the program will be reviewed, evaluated, and approved by a loan selection committee, appointed by the Economic Development Director.