The ECDC Enterprise Development Group Microloan Program provides Virginia businesses in Arlington, Fairfax county, Prince William, Fairfax, and Falls Church cities with small, short-term loans to small business concerns and certain types of not-for-profit child-care centers.
The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance.
These intermediaries make loans to eligible borrowers.
The maximum loan amount is $50,000, but the average microloan is about $13,000. Microloans may be used for the following purposes:
•The purchase of inventory or supplies
•The purchase of furniture or fixtures
•The purchase of machinery or equipment.
Proceeds from a microloan cannot be used to pay existing debts or to purchase real estate.
ECDC Enterprise Development Group
Address: 901 South Highland Stree