As a Small Business Revolving Loan Fund Program, Horseshoe Foundation of Floyd County has awarded an additional $150,000 as loan fund to small businesses. The small business fund was capitalized with $250,000 in 2007 and another $100,000 has been added by the foundation in October 2010.
The most recent recipients of the fund are three businesses – RiverCity WorkWear LLC, Thorpe Woodworks, and Generations Monument & Memorials In. Applicants to the program are supposed to be involved in business for a minimum of two years in Floyd County. Loans are being granted at 2 percent lower than prime rate or 3 percent whichever is lower.
Kevin Zurschmiede, board member of Horseshoe Foundation of Floyd County, says, “We are very proud to assist these three companies with low-interest financing.” On receiving loans, the companies can expand their operations and create additional jobs for the community. This is very substantial for the recent economy.
RiverCity WorkWear has been granted $50,000 in loans for buying new equipment and inventories. Loan of $46,583 goes to Thorpe Woodworks for meeting expenses related to its building renovation. A loan of $45,000 has been awarded to Generations Monuments & Memorials in order to help the company expand its operations.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to