The Fairfax County Board of Supervisors authorized a microloan fund in which small businesses can apply for loans of up to $20,000 at 0% interest.
Applications for these loans will be available beginning April 27 and the program will be administered by the Community Business Partnership in Springfield.
Businesses that employ less than 50 people make up 94% of Fairfax County businesses. These microloans will serve second to those federally granted by the Small Business Administration. It fills a gap for businesses that might not qualify, for example due to credit history and immigration status.
