ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Thursday, February 27, 1997 TAG: 9702270022
SECTION: CURRENT PAGE: NRV-2 EDITION: NEW RIVER VALLEY
DATELINE: PULASKI
SOURCE: PAUL DELLINGER
It's a long shot, but Pulaski's town Economic Development Department is going after a Community Development Block Grant which would provide $100,000 to help start small businesses.
Many localities apply to the state for this program and usually only one or two are funded each year, said Economic Development Director Barry Matherly. Loans would be limited to a maximum of $25,000, and could only go to businesses with up to five workers, including the owner.
The program would also pay for a staff person for one year to work with the new businesses started through the "Micro Enterprise Fund" loans.
"Our momentum here would be a plus, I think," said Sybil Atkinson, chairwoman of the Economic Development Board, at a meeting of the board's executive committee Wednesday.
She was referring to Pulaski's success in recent years in attracting new businesses, thanks in part to the town having Urban Development Action Grant funds available to lend to start-up businesses and also last year's designation of part of the town as a state Enterprise Zone, which provides state and local tax incentives for new business.
The latest business attracted by Enterprise Zone incentives is Allen's Upholstery, which is moving in a vacant building on the edge of the zone. Not only does the town get a new business, Matherly said, but it gets an unused building refurbished.
Matherly said the UDAG loans go to fairly safe investments. The new fund would allow loans that might seem slightly more risky but could also expand into larger businesses later. It would be up to the Economic Development Board to choose among the applicants.
LENGTH: Short : 39 linesby CNB