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New loan program offered for Scott County businesses

Staff Report • Apr 21, 2020 at 9:30 PM

GATE CITY — The Scott County Economic Development Authority has announced a new effort to support the county’s small businesses.

The EDA on Monday announced Bridging the Gap, a loan program that will provide resources for businesses during the COVID-19 pandemic.

The program is being offered in partnership with the LENOWSCO Planning District Commission, the Virginia Coalfield Economic Development Authority and the county.

How will it work?

The Scott County EDA will administer a loan based on the number of applications received, according to a press release.

The loan will be distributed based on an application process at a maximum amount of $5,000 per applicant, with a 0% interest rate and a deferred payment for six months. The term of the loan will be a maximum of five years.

How can you apply?

To obtain an application, contact the Scott County EDA office at (276) 386-2525 or email jkilgore@scottcountyva.com.

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