The No Interest Loan Fund (NILF) shall be used to provide financial incentives for small and emerging private business enterprises within the Town of Bedford, with priority placed on businesses located within the defined Bedford Main Street District, as amended from time to time by the Bedford Main Street Board of Directors.
The NILF will be used to the maximum extent possible to create and/or retain jobs and broaden the district’s tax base. Virginia HCD, the Town of Bedford, and the Bedford County Economic Development Authority have provided the funding for the NILF through a “Downtown Investment Grant” program. In reviewing potential funding applications, priority will be given to those projects that create and/or retain jobs within the district. For purposes of these guidelines, “project” means the subject of the loan request, financed in whole or part by NILF funds.
Eligible Loan Service Area and Applicant Requirement
Loans shall be considered for use and approval within the Town of Bedford, with priority on those projects that are located within the current “Bedford Main Street” district are, as established by the Bedford Main Street Program Board of Directors on the date of the application.
Eligible Activities are as follows:
¨ New construction and rehabilitation of existing buildings, including leasehold tenant improvements;
¨ Machinery and equipment purchases; and,
¨ Business start-up costs and purchase of inventory associated with expansion