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Jul 13, 2022

Our conversation today is part of an ongoing partnership with the US Small Business Administration highlighting small businesses as well as offering advice and resources to small businesses.

Our topic today was economic development in rural communities. We talked with John Fleming, Mid-Atlantic Regional Administrator for the US Small Business Administration and Alfreda Jarrett Reynolds, Director of Economic Development for Brunswick County, VA.

John explained what the SBA is doing to support small businesses and economic development in rural communities. We talked about what constitutes a rural area and he told us how the SBA is providing more access to capital to rural communities through various loan programs. In order to provide rural small businesses with increased opportunities to access capital, the SBA created the 504 Loan Rural Initiative pilot program. This program waives some small business regulations in order to help rural development through the 504 Loan Program.

Alfreda gave us information about GO Virginia - she sits on the council for Region 3 - which includes the Counties of Amelia, Brunswick, Buckingham, Charlotte, Cumberland, Halifax, Henry, Lunenburg, Mecklenburg, Nottoway, Patrick, Pittsylvania and Prince Edward and the Cities of Danville and Martinsville.

GO Virginia is a business-led economic development initiative with funding to invest in collaborative projects. Their goal is to bring more business, opportunity and high-paying jobs to the region.

Alfreda shared some of the challenges that rural communities are facing in her county/region and talked about some of the basic business needs that rural communities are facing. She also told us about a few of the things are are working well for rural businesses and revitalization.

For more information and access to SBA resources for rural businesses, click here.

To learn more about the 504 loan program John discussed, click here.

Find all the resources available through the Small Business
Administration on their website: https://www.sba.gov/