Charleston Main Streets announced a new microloan program for small business owners Tuesday at their annual membership meeting.
The microloan program will be open to small business owners from Charleston's East End and West Side. Business owners can apply for the loans, which range from $500 to $5,000.
Charleston Main Streets Executive Director Ric Cavender said the idea was built out of conversations with several business owners who were interested in gap-funding. He said the program is modeled after a similar microloan program sponsored by Cheyenne, Wyoming's development authority.
"We thought we needed to add that tool to their tool belts," Cavender said.
Cavender gave several examples of what the loans could pay for, from new grease traps for restaurants to point of sale systems for small stores.
Ten micro-loans will be available in the next fiscal year, with five for businesses on the East End and five for businesses on the West Side. Business owners can apply for the program starting Oct.1, Cavender said.
The microloan program is funded through a grant from the West Virginia Development Office.
The meeting also served as a chance for Charleston Main Streets to review the progress they made within the last year. Cavender said eight new businesses opened in the last year with support from Charleston Main Streets, from newly-opened Chow Thai on Charleston's East End to Elk City Records on Charleston's West Side.
According to data released by Charleston Main Streets, $463 million have been invested into the East End and West Side since 2002.
Cavender also delivered updates on Main Streets-sponsored events. About 19,200 people visited events over the last year, he said.
He also expressed excitement for new developments on the East End and West Side.
One project includes historical markers being installed on Charleston's East End. The main marker, funded through grants from the Greater Kanawha Valley Foundation and the Charleston Urban Renewal Authority, will be installed on Washington Street East near Greenbrier Street in the next few days.
Another is the renovation of the former home of Chris' Hot Dogs on the West Side. The first floor of the building is being renovated into a restaurant called Gonzoburger, to be operated by Mi Cocina de Amor's Frank and Julia Gonzales. The restaurant will specialize in upscale burgers and craft beers.
Julia Gonzales said they hope to have the restaurant open by the fall.
Reach Ali Schmitz at ali.schmitz@wvgazettemail.com, 304-348-4843 or follow @SchmitzMedia on Twitter.