Virginia’s Department of Business Assistance offers many helpful ideas and resources:
Locally, Radford’s Business Assistance Center also can help with the nuts and bolts of running a business:
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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.
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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.