EDA plans to continue mentoring, loaning to local startups

By Dan McDermott

FRONT ROYAL, April 26, 2020 — The Front Royal/Warren County Economic Development Authority today announced several decisions made at their virtual monthly board meeting held Friday.

The Brown Edwards accounting firm will complete audits for fiscal years 2018 and 2019. The EDA said they fully vetted the company and had multiple interviews before choosing them. EDA Director Doug Parsons says he welcomes the opportunity to “fully cooperate in their examination of EDA financial records.”

Some of the proceeds from the sales of 404 Fairgrounds Road and 506 E. Main Street, Front Royal — currently in escrow — will be used to pay debt service on two loans currently held by First Bank of Strasburg. The EDA said that will leave cash for operational expenses and promises to “extend the EDA’s fiscal viability through May.”

The EDA will participate in a small business training program sponsored by the Northern Shenandoah Valley Regional Commission. “Start Up Shenandoah Valley” will mentor entrepreneurs and startups as they develop their ideas into viable businesses. Office space at the EDA headquarters will be used.

A USDA Loan Committee has been created and four local citizens have been appointed to serve with more details promised soon. The EDA has loaned money to small businesses since the late 1990s.

Local borrowers in the Rural Business Enterprise Loan and Intermediary Relending Programs who were current on their loan payments as of March, 2020 can apply for deferment of payments up through August. If approved, skipped payments will be added to the end of the loan.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.