On Friday, May 1, 2020, the Lake Country Development Corporation amended their COVID-19 Emergency Loan Program. Funds are available through an application process for a maximum of $20,000 for small business impacted by the COVID-19 pandemic. Businesses must be located in the Planning District Commission 13 region which includes the Counties of Brunswick, Halifax, and Mecklenburg and localities within the region. Applicants must complete an application and provide required documentation to be considered.
- Deferred Interest/Principal Period: During the deferment period, the loan interest rate is 0% interest. The deferment period will begin immediately following loan closing and be in place for six (6) months following closing.
- Term: If payment in full cannot be made at the end of the deferment period, the loan will be converted to a fixed interest loan with a three (3) year term on loans $10,000 or less or a five (5) year term on loans over $10,000.
- Interest Rate: Current Prime Rate as listed in the Wall Street Journal, with a floor rate of 3.5%.
- Fees and Expenses: There is no application fee and no origination fee.
- Security: Personal guarantees and collateral are not required.
“At this time of uncertainty, it is important that our small businesses are supported to enable viability through the pandemic” said Deborah Gosney, Lake Country Development Corporation and Southside Planning District Commission Executive Director. “As the lending arm of the Southside Planning District Commission, the Lake Country Development Corporation Board felt this was the way we could reach out and offer support to our small businesses who need it most right now. These small businesses are being hit hard and, sadly, without financial support, many will not survive.”
Businesses interested in applying for funding under this program are encouraged to apply immediately as there are limited funds available. For more information and an application, please visit www.southsidepdc.org, the Southside PDC Facebook page at https://facebook.com/SPDCVA, or call (434) 447-7101.
Lake Country Development Corporation also offers a larger loan pool for requests ranging $40,000 to $400,000 at a very competitive rate as low as 3%. Principal and interest payments may also be deferred for the first six (6) months at 0%. One job must be retained/created for every $40,000 borrowed. For more information, please contact the Southside PDC using one of the methods noted above.
The Southside Planning District Commission serves as the regional planning organization. The primary objective of the Southside Planning District Commission is to promote the orderly and efficient development of the economic, physical and social fabric of this rural region by assisting local governmental units in developing policies, programs and projects which directly impact the region's economic, physical and social needs.