NORFOLK, Va. (WAVY) — There’s a lot of talk across the United States about how slow loans are to show up for small business owners during COVID-19.
East Beach Veterinary Care and Housecalls in Norfolk is one of 121 small businesses across Virginia that are getting rapid, forgivable loans in a timely manner.
Veterinarian Bonnie Alexander explains:
“The loan gives us a little buffer to take care of my employees who are still working… VA 30 Day Fund was very prompt in replying to our application, and the application process was very simple… The money is sitting in the bank, and it will be used for payroll if we need it … and if we don’t need the grant money, we will be paying it back to the 30-day fund where they can help another small business in Virginia,” Alexander said.
The VA 30 Day Fund is the brainchild of small businessman Pete Snyder, who is CEO of Disruptor Capital. His company is an “angel capital investor” and he calls himself a technology entrepreneur.
“We are a lifeline for small business as they are waiting for the federal cavalry to get there (with the Paycheck Protection Program and other loans),” Snyder said.
Snyder has given about 121 loans at $3,000 each.
Matt Potter, from Chicho’s Pizza in Norfolk, applied online and almost immediately got approved for $3,000.
“I was very surprised how quick it was. It was super helpful for some of our payments for payroll, and we need to bring in profits on a daily basis,” Potter said.
Snyder said he knows his company can help.
“Our small businesses are being savaged out there, and we have a small business background, and we know we can help,” he said.
Snyder’s VA 30 Day Fund requires a video on why a business is worthy for the forgivable loan.
Nick’s Fresh Seafood and Steaks in Virginia Beach put one together as well.
“We cater to the local crowd and the tourists who find their way from the hotels for the almost-famous lobster special,” Katie Cosimano said on the video in an effort to convince Snyder to give them a loan.
Cosimano is the daughter of one of Nick’s owners, Pooch Palluch. She was standing outside with Palluch and fellow co-owner Frank Chesnick. Cosimano’s video includes emails from customers on how Nick’s is historic and deserving, Cosimano said.
“You can worry about how long it will take, or when you will actually see the money after you’ve gotten the loan. That’s what we are using right now to be open, the money we got,” she said.
Snyder considers his nonprofit VA 30 Day Fund “economic Marines” coming in to get the job done, and now he has powerful partners.
“We have the Greater Williamsburg Partnership and the Williamsburg Community Foundation. They have teamed up with us and together we want to get more money in the pockets of small business owners,” he said.
If you are a small business owner and are interested in applying for a $3,000 forgivable loan, visit the VA 30 Day Fund website at https://va30dayfund.com/.