
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, September 14, 1994                   TAG: 9409140086
SECTION: CURRENT                    PAGE: NRV10   EDITION: NEW RIVER VALLEY 
SOURCE: RICK LINDQUIST STAFF WRITER
DATELINE: RADFORD                                 LENGTH: Short

TOURISM DEVELOPMENT LOAN APPLICANTS SOUGHT

Applicants who want to take advantage of a $1.5 million loan fund for tourism-related projects are in scarce supply, says Bob Thomas, Radford's representative to the board of Southwest Development Financing Inc., which administers the Tourism Revolving Loan Fund.

"There have been very few applications," Thomas told Radford City Council on Monday, despite the fund's competitive interest rates. He said $500,000 of the fund came from Farmers Home Administration and needs to be lent by next year.

The fund can provide working capital and fixed-asset financing for tourism projects that do not qualify for a conventional bank loan.

Those eligible to borrow up to $100,000 include local governments, nonprofit groups and private businesses within the 9th congressional district. Thomas said the idea is to help reduce the risk to lending institutions, who might be willing to supplement a loan from the revolving loan fund.

Loans are for 10 years, and interest rates are "as low as possible."

While hotel and restaurant projects do not qualify for loans from the fund, Thomas said, projects expected to get top attention include visitor centers and festivals and those capitalizing on cultural, artistic, recreational or historical resources in the region. The most viable projects would be those that also create jobs for the region, he explained.

For more information, call Jerry Brown, 783-7624.

by CNB