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Waynesboro Small Businesses Offered Loans with No Interest

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Downtown Waynesboro Downtown Waynesboro
WAYNESBORO, Va. (WVIR) -

For a short time, the Economic Development Authority in Waynesboro is offering small loans to small businesses with zero percent interest.

The EDA has loaned out $118,000 to seven small businesses since the Revolving Loan Fund's inception six years ago.

Greg Hitchin, the director of the EDA, says the typical loan is $15,000 for a three-year term. He says the loans are for any small business with a Waynesboro business license.

“Being able to encourage them to maybe buy a new piece of equipment that they wouldn't be able to buy at a regular operating fund, or get over some small hurdle or some new launch of some new product or something - we want to be able to help them do that, and by offering this loan fund we think we can do that,” says Hitchin.

The deadline to secure a loan with zero percent interest is April 30. The Economic Development Authority has also waived the $50 application fee during this period.

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