Artisan Business Resources

Virginia’s Department of Business Assistance offers many helpful ideas and resources:

www.dba.state.va.us/workingartiststudiosm

Locally, Radford’s Business Assistance Center also can help with the nuts and bolts of running a business:

David Shanks, Director
704-H Fairfax Street
Radford, Virginia 24142
540-831-6056
dshanks@gmail.com
http://bac.asp.radford.edu/

Strategies for an Economic Downturn

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“5 and 10″ Loan Program

The Economic Development Authority (EDA) of Floyd County has announced a low-interest loan program for new and existing small businesses in Floyd County.  The “5 and 10″ loan program will provide low interest loans of $5,000 or $10,000 to qualified small businesses, defined here as having 9 or fewer employees, in order to create or retain jobs. The annual interest rate will be 2% for a 5-year term and 4% for a 10-year term.

This could be useful for artists and artisans looking to upgrade their equipment or purchase supplies, for building renovation, or for working capital including most operating expenses.

For more information including the application, see http://www.floyd5and10.org or contact Lydeana Martin at 540 745-9300 or lmartin@floydcova.org.

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Individual Development Account Program

An Individual Development Account (IDA) is a special matched savings account used to save money for a specific asset purchase. IDAs are similar to Individual Retirement Accounts and 401K plans; however, they are not pension plans. IDAs may be used to save toward, among other things, micro-enterprise/small business start-up or expansion.

Click here for more information.