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Micro loan program proposed in 3 Va. counties

By WTOP Staff

CULPEPER, Va. (AP) — A new initiative aims to help low and moderate income entrepreneurs in Culpeper, Fauquier and Rappahannock counties.

The Microenterprise Lending Program would provide below market rate loans of up to $35,000 to small businesses. The program also would offer free workshops, one-on-one business counseling and technical assistance.

Gainesville-based People Inc. Financial Services is heading the initiative. The community action nonprofit plans to seek $200,000 in government block grant funding for the program.

People Incorporated program development director Lil Dupress tells The Culpeper Star-Exponent (http://bit.ly/1ritsP9 ) that her organization would provide $120,000 in matching funds.

She says the program would begin in early 2015 if the block grant is approved.

A public meeting on the program will be held Thursday in Culpeper.

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Information from: Culpeper Star-Exponent, http://www.starexponent.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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