MARTINSVILLE, Va. – The Harvest Foundation and the Virginia 30 Day Fund are partnering up to offer a brand new forgivable loan opportunity for small businesses in Martinsville and Henry County called the “Pay it Forward MHC Small Business Relief Fund.”
The Harvest Foundation is investing $1 million in honor of local healthcare workers and front line responders to the Virginia 30 Day Fund that will distribute forgivable loan awards up to $3,000 for businesses employing 3-30 individuals.
“Small businesses are the heart and soul of a community,” said India Brown, program officer at Harvest. “Our partnership with the Virginia 30 Day Fund allows Harvest to support small businesses in our community without the hassle of completing a long application and the stress of waiting to receive funding. The Virginia 30 Day Fund’s passion to support small business is unmatched, and it is an honor to partner with them to create the Pay It Forward MHC program.”
The Virginia 30 Day Fund was created by Virginia technology entrepreneur Pete Snyder and his wife, Burson, in response to the COVID-19 crisis. The fund’s goal is to save as many Virginia jobs as possible while many small businesses wait for mandated shutdowns to end and for federal funding like the Paycheck Protection Program to hit their bank accounts.
“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,” said Pete Snyder, cofounder of the Virginia 30 Day Fund. “To all of the hardworking small business heroes out there, help is on the way, right now. We’ve got your back. Know that we will get through this difficult time and we will come out of it stronger as individuals and as a community in the long run. Together, we are going to make a real and significant difference in Martinsville and Henry County in the weeks and months ahead.”
In addition to employing 3-30 individuals, eligible businesses must be based in Martinsville-Henry County, operating for at least one year, and owned and operated by a Virginia resident. Funds disbursed by Pay it Forward MHC do not need to be repaid, but if small business owners wish to “pay it forward” to another Virginia business in need of assistance in the future, they can direct dollars back into the fund to be used in Martinsville-Henry County.
“The Harvest Foundation Board of Directors made an important decision to provide support to local small business owners who need a lifeline during the crisis caused by coronavirus,” said David Stone, chairman of the Harvest Foundation Board of Directors. “Small businesses make up a substantial portion of the local economy. When we shop local, our dollars go back to work in our community strengthening our infrastructure and increasing our tax base.”
Allyson Rothrock, president of The Harvest Foundation added, “We are thrilled by the partnership with Virginia 30 Day Fund which makes it possible for Harvest to fulfill its mission of aiding small business growth while helping keep people at work at a time when many businesses are struggling to stay afloat. These forgivable loan awards will give businesses the extra time they need to plan, innovate, and be prepared when additional funding becomes available and our economy rebounds.”
To date, more than 340 struggling small businesses have been funded through the Virginia 30 Day Fund. This model has been deployed in numerous states including Georgia, Pennsylvania, Mississippi, and Colorado, with many more states on the way. Apply to Pay it Forward MHC by visiting theharvestfoundation.org and clicking on “How to Apply.” Find out more about Virginia 30 Day Fund by visiting va30dayfund.com.
The Harvest Foundation: Latala P. Hodges, Director of Communications, (276) 632-3329 x118, lhodges@ theharvestfoundation.org;
Virginia 30 Day Fund: Chris Bond, firstname.lastname@example.org
About The Harvest Foundation:
The Harvest Foundation is a nonprofit organization established in 2002 by the sale of Memorial Hospital. The foundation seeks to invest in community initiatives that support economic development within Martinsville-Henry County. To improve the community’s health, educational opportunity and quality of life, Harvest will work to support organizations and projects that build and maintain economic prosperity. To date, the foundation has put more than $134 million in grant dollars back into the community and has an annual grants budget of roughly $10-12 million. To find out more about Harvest, visit www. theharvestfoundation.org.
About the Virginia 30 Day Fund:
Founded in response to the COVID-19 crisis, the nonprofit Virginia 30 Day Fund provides direct financial assistance to at-risk small businesses throughout Virginia. The Fund’s goal is to help save as many Virginia jobs as possible. Virginia businesses that qualify for assistance from the Fund are:
- For-profit small businesses that employ three to 30 people;
- Based in Virginia and have been operating for at least one year;
- Owned and operated by a Virginia resident.
The funds disbursed to small businesses by the Virginia 30 Day fund do not need to be repaid. If businesses that receive the Fund’s assistance do, at a later date, wish to “pay it forward” to another Virginia small business in need of assistance, they may do so by directing those dollars back to the Fund, which will disburse the funding to another Virginia business in need. To learn more or apply, visit va30dayfund.com.