SPARC PLUG

A New Kind of Loan

The SPARC PLUG loan fund gains its acronym from the program’s mission: Support, Promote, and Revitalize Communities Providing Loans to Underserved Groups. The grassroots effort provides business training, consulting services, and funding directly to local entrepreneurs and business owners. These entrepreneurs, in turn, provide the “sparc” and the inspiration for greater community revitalization.

Eligible Entrepreneurs

The SPARC PLUG program serves entrepreneurs at every level of business development, from business planning to start-up capital to expansion assistance. At least 51% of all entrepreneurs benefiting from SPARC PLUG services must have family incomes at or below 80% of the area’s median income, ensuring that entrepreneurs who have traditionally had limited access to capital, including women, minorities, students, artistic-based businesses, and innovative start-ups, are able to access financing to start and expand small businesses.

Job Creation

Applications for loan funding are evaluated based on a triple bottom line: business must be economically viable, social equitable, and environmentally sound. Maximizing job creation and ensuring access to capital for low and moderate-income entrepreneurs form the cornerstones of the loan review process. Loans are available for working and start-up capital for up to $35,000, depending on need and job creation.

Community Partners

The SPARC PLUG program is funded by a grant to the City of Staunton from the Virginia Department of Housing and Community Development’s Community Development Block Grant program. The Staunton Creative Community Fund, Inc. is administering the program.

Learn More

To learn more, participate in workshop events, or apply for funding, please contact us!

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