POMEROY — The Meigs County Improvement Corporation (CIC), along with the USDA Rural Development, is sponsoring a revolving loan fund called “It Starts Here” to assist current and aspiring entrepreneurs start or expand their businesses.
“Support and resources for local entrepreneurs are vital for the long-term viability of the local economy,” said Perry Varnadoe, Meigs County’s Economic Development director, in announcing the new program.
He explained that loans can be made from the “It Starts Here” fund to qualified entrepreneurs of up to $30,000, at competitive rates, and preferably in cooperation with a local bank. The current interest rate is 1 percent. One job should be created or retained for each $10,000 borrowed. Loan proceeds can be used to purchase machinery and equipment, inventory or for working capital, but cannot be used to purchase or renovate real estate, he said.
Applicants must have acceptable credit, a solid business plan, which local Economic Development personnel can assist with if needed, and adequate loan security. There are additional reporting requirements for the life of the loan.
Those interested in participating in the revolving loan program should contact Brenda Roush at the Meigs County Economic Development Office at 992-3034, or firstname.lastname@example.org. Varnadoe said the “It Starts Here” funds are limited, and the expectation is that applications will exceed available funds. He suggested that those interested “get that business plan together quickly.”
This program is funded in part by USDA Rural Development. In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, age, disability, religion, sex, familial status, sexual orientation, and reprisal (Not all prohibited bases apply to all programs). To file a complaint of discrimination, write to: USDA, Assistant Secretary for Civil Rights/ Office of the Assistant Secretary for Civil Rights / 1400 Independence Avenue, S. w., Stop 9410 / Washington, DC 20250-9410 / Or call toll-free at (866) 632-9992 (English) or (800) 877-8339 (TDD) or (866)377-8642 (English Federal-relay) or (800) 845-6136 (Spanish Federal-relay).USDA is an equal opportunity provider and employer.