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Small business owners gain local help to apply for PPP loans
Roanoke Regional Small Business Development Center is offering a hand.
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ROANOKE, Va. – Small business owners now have the opportunity for one-on-one help applying for PPP loans as part of the Cares Act.
The Roanoke Regional Small Business Development Center is going on a road show and offering in-person assistance for businesses with 20 employees or less.
Amanda Forrester, the director, said money is still available but not enough business owners are taking advantage of it, especially women and minority owned businesses.
“We are concerned because we aren’t seeing a lot of people take advantage of it this second round, we know that there are businesses out there that can need it, that can use it and we are here to help them do that,” she said.
Creating an entrepreneurial ecosystem: A look at how SWVA is fostering entrepreneurship
Starting a successful business takes a network of people
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Small Business Spotlight: Strengthening our local economy
Vinton – More than just starting a business, entrepreneurship is a community sport. It takes a community effort to get business’s open and thriving, especially as we near the end of the pandemic. Behind every business, main street, or bustling shopping center, is a network of people who made it happen. It’s called “an entrepreneurial ecosystem.” Fostering entrepreneurship has become a core focus of economic development in cities and countries around the world. It’s also a focus for local economic development leaders in Southwest Virginia as small businesses are consistently recognized as the backbone of our community.
Many southwest Virginia business owners not taking advantage of available PPP money
Round two of PPP money is available until the end of March
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There is still CARES Act money available for businesses struggling to pay their employees, but many in southwest Virginia aren’t taking advantage of it.
Due to demand, many missed out on the first round of the Paycheck Protection Program, or have already spent what they received last year. A second round, dubbed PPP2 rolled out in mid-January.
“We are concerned because we aren’t seeing a lot of people take advantage of it this second round. We know that there are businesses out there that need it, that can use it and we are here to help them do that,” Forrester said.
Jeff Sturgeon and Casey Fabris
The Roanoke Times
Roanoke restaurant operators Moises and Lisa Nucamendi have gotten a second cash infusion from the Paycheck Protection Program for their beleaguered business accounts as they continue to plate and box up Mexican classics amid the pandemicâs deadliest phase so far.
Taxpayer-funded relief helped sustain Alejandroâs Mexican Grillâs three Roanoke Valley locations and staff of about 45 people in 2020, they said. But the Mexican eatery founded in 2007 is still beset by a drop in revenue of between 30% and 35% when compared to pre-pandemic times.
This week the company received a second PPP loan under the recently reopened federal program designed to save private and nonprofit sector jobs in industries hobbled by the virus. Recipients who received money last year may apply again. Bank of Fincastle handled the loan on behalf of the government.