VIRGINIA BUSINESS | The Harvest Foundation invests $1M in Virginia 30 Day Fund
The Harvest Foundation in Martinsville announced Wednesday it has invested $1 million in the Virginia 30 Day Fund to launch a new relief initiative to aid small businesses in Martinsville and Henry County.
The Virginia 30 Day Fund’s Pay it Forward MHC Small Business Relief Fund will provide forgivable loans of up to $3,000 to eligible businesses in Martinsville and Henry County employing three to 30 people.
The Virginia 30 Day Fund was established by entrepreneur Pete Snyder and his wife, Burson, in response to the economic hardships that the COVID-19 pandemic has caused for small businesses. The program seeks to fund small businesses sooner than the Small Business Administration’s Paycheck Protection Program by providing application decisions within three business days.
“We couldn’t be prouder to partner with The Harvest Foundation to bring the Pay It Forward movement to Southside Virginia. Harvest’s generosity is also matched by their vision and desire to truly help others in this amazing community,” Snyder said in a statement. “To all of the hardworking small business heroes out there, help is on the way, right now. Together, we are going to make a real and significant difference in Martinsville and Henry County in the weeks and months ahead.”
Businesses eligible for the Pay it Forward MHC Small Business Relief Fund must be based in Martinsville or Henry County and have been operating for at least one year. The businesses must also be owned and operated by a Virginia resident. Business owners interested in applying must do so through the Virginia 30 Day Fund.
Funding does not have to be repaid, but recipients are encouraged to “pay it forward” and repay the loan amount when they’re able so that other businesses can receive assistance.
“Small businesses make up a substantial portion of the local economy,” Harvest Foundation Board of Directors Chairman David Stone said in a statement. “When we shop local, our dollars go back to work in our community strengthening our infrastructure and increasing our tax base.”
More than 340 small businesses have been funded through the Virginia Day Fund as of June 10. The program has been replicated in Georgia, Pennsylvania, Mississippi and Colorado.