The Main Street Preservation Trust Announces the Formation of the Gloucester Revolving Loan Fund to Support Local Business Expansion
The Gloucester Main Street Preservation Trust (MSPT), following a model successfully used in other areas to promote economic development, has formed the Gloucester Revolving Loan Fund (GRLF). The loan fund will operate as a separate entity with its own Board of Directors but will receive a portion of its funding and support from MSPT. In addition to its relationship with MSPT, the loan fund plans to work closely with the Gloucester Main Street Association and the Gloucester Chamber of Commerce, as well as with local banks.
According to its Charter, the mission of the GRLF is “to encourage viability and sustainability of businesses within the Main Street and Gloucester Courthouse areas of Gloucester County, Virginia, by funding through loans the restoration and rehabilitation of commercial sites and to further preserve the historical and architectural sites that are of significance to the areas. GRLF will empower businesses in the Main Street area to enhance the economic environment and will empower persons and organizations dedicated to the preservation of historical landmarks in the Gloucester Courthouse area while promoting civic and cultural activities in Gloucester County, Virginia.”
GRLF is a Virginia corporation recognized as tax exempt by the Internal Revenue Service. As a 501(c)3 tax exempt entity, GRLF is permitted to accept donations and grants from individuals and organizations who can then take advantage of any allowable tax deductions. GRLF plans to seek additional grant funding from other sources in order to broaden its donor base and expand its lending reserve.
GRLF will begin accepting applications for loans in October. Interested parties should contact Jim Robinson, acting executive director, phone number 804-694-9912.
According to Robinson, “The Gloucester Revolving Loan Fund has money available to lend to qualified borrowers. We plan to work closely with local financial institutions to be sure that good projects get the support they need to underwrite their success.”
Written applications and supporting documents will be reviewed by the GRLF Loan Committee. Final loan approval will be by the Board of Directors.
In addition to Mr. Robinson, other GRLF Board members are Steven Callis, Cordon Davis, Robert Hatten, Joe Heyman, Pat Houtz, and Nam Vu.