Home Madrid Economy While waiting for federal funds, local small businesses find relief money in other ways

While waiting for federal funds, local small businesses find relief money in other ways

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NORFOLK, Va. (WAVY) – There is a lot of talk in the United States about how slowly loans are showing up for small business owners during COVID-19.

East Beach Veterinary Care and Housecalls in Norfolk is one of 121 small businesses in Virginia that get fast and timely repayable loans.

Veterinarian Bonnie Alexander explains:

“The loan gives us a little buffer to take care of my employees who are still working… VA 30 Day Fund responded to our request very quickly, and the application process was very simple… The money is in the bank, and it will be. used for payroll if we need it… and if we don’t need the grant money, we’ll pay it back to the 30-day fund where they can help another small business in Virginia, ”Alexander said.

The 30-day VA funds is the brainchild of little businessman Pete Snyder, CEO of Disruptor Capital. His company is an “angel investor” and he calls himself a tech entrepreneur.

“We’re a lifeline for small businesses because they’re waiting for the federal cavalry to get there (along with the paycheck protection program and other loans),” Snyder said.

Snyder made approximately 121 loans at $ 3,000 each.

Matt Potter, of Chicho’s Pizza in Norfolk, applied online and was almost immediately approved for $ 3,000.

“I was very surprised at how quickly it was. This has been very helpful with some of our payroll payments, and we need to generate profit on a daily basis, ”said Potter.

Snyder said he knew his business could help him.

“Our small businesses are ravaged over there, and we have experience in small businesses, and we know we can help,” he said.

Snyder’s 30 Day VA Fund requires a video on why a business deserves the forgivable loan.

Nick’s Fresh Seafood and Steaks in Virginia Beach also created one.

“We welcome the local crowds and tourists coming out of hotels for the almost famous lobster special,” Katie Cosimano said on the video in an effort to convince Snyder to give them a loan.

Cosimano is the daughter of one of Nick’s owners, Pooch Palluch. She was standing outside with Palluch and her co-owner Frank Chesnick. Cosimano’s video includes emails from clients about how historic and deserving Nick is, Cosimano said.

“You may wonder how long it will take or when you will actually see the money after you get the loan. This is what we are using right now to be open, the money we got, ”she said.

Snyder considers his nonprofit VA 30 Day Fund to be “economic marines” that come to do the job, and he now has powerful partners.

“We have the Greater Williamsburg Partnership and the Williamsburg Community Foundation. They have partnered with us and together we want to put more money in the pockets of small business owners, ”he said.

If you are a small business owner and would like to apply for a $ 3,000 forgivable loan, visit the VA 30 Day Fund website at https://va30dayfund.com/.


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