Fredericksburg EDA makes two small-business loans
The first two small-businesses loans made through the Fredericksburg Economic Development Authority’s new Invest FXBG program were finalized Tuesday.
M-D Eats received a $50,000 loan to help redevelop the former Mr. Dee’s space at 701 Lafayette Blvd. into a new restaurant described as “an upscale fast food joint featuring burgers, hot dogs, fresh fried seafood and much more.”
Kickshaws received a $20,000 loan to help open a new gluten-free bakery in the former Subway shop at 1511 Central Park Blvd.
“We are delighted to be making these two loans through our new Invest FXBG program” said Beth Black, chair of the Fredericksburg EDA. “We look forward to getting more proposals to help other Fredericksburg entrepreneurs and projects.”
Created earlier this year, Invest FXBG seeks to provide capital for business, community, and economic development purposes with the goal of creating jobs, encouraging private investment, and recirculating community capital through prudent lending practices within the City of Fredericksburg. The loans range from $15,000 to $50,000, although larger amounts may be considered under special circumstances. The loans carry competitive interest rates based upon an overall risk assessment, and generally have terms of four years or less. Typical turnaround times for loan applications are 45 days.
Business applicants must be located in the City of Fredericksburg (22401) to be eligible for InvestFXBG. Applicants are required to be in compliance with City of Fredericksburg taxes, permits, fees and regulations before applying. Program goals include:
- Assisting in providing capital for the attraction, retention, and expansion of new and existing businesses that may or may not have access to conventional financing.
- Supporting business and community investments that create jobs, with a special emphasis on jobs that provide life-sustaining wages.
- Providing capital that increases business ownership and encourages entrepreneurship, especially among historically underrepresented communities like women- and minority-owned businesses.
- Stimulating the redevelopment of underutilized and/or deteriorated commercial and industrial properties.
- Seeking out investment opportunities in which EDA capital leverages additional private capital investment.
For more information about the program, contact EDA Assistant Secretary Amy Peregoy at [email protected] or 540-372-1216.