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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.

“Harrisonburg provides an ideal context for the highly technical work we perform for the U.S. Government. We are ideally located next to many excellent colleges and universities, which provide exceptional talent, and close enough to DC and Northern Virginia that we can conveniently interface with our customer and partners. To me, it comes down to quality of life. Our employees have very short commutes and there are a plethora of activities in the area that suit almost every interest.”

Mike Goertzen, Sr. Program Manager, Serco

“As Rocco considered options for our expansion, we were pleased with the partnership that Harrisonburg Economic Development provided as we worked our way through plan reviews, permit approvals, and inspections. It was helpful to have an ombudsman guiding us through the process. We are excited that we have the opportunity to continue to grow and invest in Harrisonburg.”

Fontaine Canada, President, Rocco Building Supplies