ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Tuesday, March 11, 1997 TAG: 9703110118
SECTION: VIRGINIA PAGE: C-4 EDITION: METRO
SOURCE: S.D. HARRINGTON THE ROANOKE TIMES
Salem and Roanoke County have joined a group of four Western Virginia localities that will ask the federal government for $160,000 in Community Development Block Grant funds to help small businesses get started.
Salem, Roanoke County, Covington and Clifton Forge would each get $40,000 that could help two to five low- to moderate-income entrepreneurs.
The money would be administered as loans through Total Action Against Poverty. Repayments would go into a fund that could benefit more small businesses.
This would expand a TAP program in Roanoke.
Prospective business owners must go through a 16-hour course through Virginia Tech. They are assigned a mentor, and then must devise a business plan, said Joe Yates, Salem's planning director.
After that, the person can apply for a loan of up to $25,000.
"It's really for people who have the idea and interest and everything, but don't have the capital," Yates told Salem City Council Monday night.
Loan applicants must be within the low- to moderate-income range - which varies by locality.
Salem City Council still must approve the grant application. Monday night, Council held the first of two public hearings on the matter as required by law. It will vote on March 24. The Roanoke County supervisors have approved the application.
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