(Fredericksburg, VA / February 16, 2012) Rappahannock Goodwill Industries has partnered with Northern Virginia based ECDC Enterprise Development Group to establish a local microloan program. The program is to encourage local entrepreneurs to help establish their own business and create jobs for area workers. “The Rappahannock Goodwill Microloan program lends to entrepreneurs so they can grow and create jobs for themselves and their neighbors,” says Woody Van Valkenburgh, President and CEO. “Microlending can be such a powerful tool to stimulate job creation and economic activity.”
The program targets individuals who do not have access to other types of business financing. Specifically, those who qualify will be low to moderate income or provide employment to low to moderate income workers, and who have been unable to access a bank loan. The Rappahannock Goodwill program is also designed to help people with disabilities and other barriers to employment receive financing for their business.
“Small businesses create jobs. Rappahannock Goodwill has a mission to help people find employment. The microloan program is another means to accomplish our mission in the local region,” says Woody Van Valkenburgh. “Too often small business can’t find the funding they need. We are looking to change that.”
Microloans are small business loans – ranging from $500-$50,000 – targeted to small businesses that can’t get approved at a bank. “These funds are specifically for small business entrepreneurs such as small retail operations, mechanic shops, and dry cleaners,” says Kevin Kelly, Managing Director for Enterprise Development Group in Arlington. “Rappahannock Goodwill gives us the opportunity to expand our program outside of the DC region. We are excited to be moving into a dynamic business community with such a strong regional partner.”
A loan manager will be at Rappahannock Goodwill Industries Fredericksburg Job Help Center on Princess Anne Street the first and third Thursday of each month. Those interested in making an appointment to speak with the loan manager can call Goodwill at 540-371-3070.
Learn more at: www.FredGoodwill.org/loans
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Rappahannock Goodwill Industries, Inc. is a private not-for-profit organization that serves the City of Fredericksburg and a 12-county region. It provides work opportunities and job training to people with barriers to employment, particularly those with disabilities. Its operations include a commercial laundry, off-site custodial and administrative services, an outsourcing and contract facility, three Job Help Centers, nine Goodwill stores, a Goodwill Outlet, and numerous Attended Donation Centers.
Enterprise Development Group (EDG) provides technical assistance and loan capital to entrepreneurs who do not have access to traditional sources of assistance. EDG is the largest microenterprise lender in the Washington, DC area.