The Grow Loan is designed to assist small businesses in the City of Waynesboro with a short term, low interest loan. The loan can be used for a variety of purposes, including, but not limited to:
- Acquisition and development of land, easements, and rights of way.
- Construction, conversion, enlargement, repair and or modernization of buildings, plants, machinery, equipment, access streets and roads, parking areas, utilities, air pollution control and abatement facilities.
- Loans for startup operating costs and working capital.
The loan fund has been established by a grant from the USDA Rural Development and is designed to assist small businesses in the City of Waynesboro. The fund is managed by the EDA, administered by the City of Waynesboro Department of Economic Development and Tourism Staff, with loan approval by a Loan Review Committee comprised of two members of the EDA, two members of the Waynesboro business community, and the Director of Economic Development and Tourism. The loan review committee is established each year at the regular September EDA meeting.
A typical loan is $15,000 for 3 years, with 3% interest. Repayments are made monthly. Other loan amounts may be considered based on the project and capitalization fund.
To apply, complete the application form and return it with required documents to the EDA office. Complete instructions are on page one of the application and a checklist of required documents is on page two. A $50.00 application fee is required.
The Grow Loan Application can be downloaded and completed using Microsoft Word. Typed, electronic completed applications are preferred but the application can also be printed for completion.
This institution is an equal opportunity provider and employer.
