Business loan program launched

People Incorporated is now offering forgivable microloans to small businesses affected by the COVID-19 pandemic.

The Abingdon-based nonprofit human services agency is working with the U.S. Small Business Administration.

The SBA will make all payments — including principal, interest and fees — for six months following the closing date on any loan closed between now and Sept. 27, according to a Monday press release..

Microloans may be offered for any amount from $500 up to $50,000. They may be for terms from six months to six years.

“This is an incredible opportunity for small businesses affected by the coronavirus crisis,” said People Inc. Director of Community Economic Development Shane Simmons. “We hope that these loans will have a positive economic impact on small businesses and communities who may be struggling right now.”

Microloans are available in all 16 Virginia counties and cities the agency serves.

Interested applicants can call toll-free at 833/437-0115 for more information.