Lynchburg Regional Business Alliance creates new fund to support small businesses, entrepreneurs [Video]

In celebration of its 140th anniversary this year, the Lynchburg Regional Business Alliance has begun raising money for a new revolving loan fund, dubbed the 140 Fund.

The pot of money uses interest, like a normal loan would, to make payments on past ones so it keeps itself alive. The range of loan amounts that would be available to applicants is still being worked out.

“So the whole point of it is to build up a pool of money that we can use to support small businesses and entrepreneurs with new ideas, micro-enterprises, any of those kind of special small business initiatives that people come up with,” said Ryan Weaks, communications and marketing director for the Alliance.

The Alliance is asking for donations of $140 — or any other amount — to reach its goal of $140,140.40 by the end of the year. 

“It really fills a gap in funding,” …