F&M Bank teams up with nonprofit to offer relief for small businesses during COVID-19 crisis

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AUGUSTA COUNTY, Va. (WVIR) - A Shenandoah Valley-area bank is teaming up with a nonprofit to help small businesses during the coronavirus pandemic.

The Staunton Creative Community Fund announced Wednesday, April 1, that it is partnering with Farmers & Merchants Bank to establish a $25,000 loan fund to benefit entrepreneurs and small businesses in Staunton, Waynesboro, and Augusta County.

According to SCCF, loans offered through this program will be 0% interest with a term of up to three years, and amounts ranging from $1,000 to $5,000.

“We understand current economic conditions are creating financial challenges for our community,” F&M Bank President and CEO, Mark Hanna said. “We would not be where we are today without the support of local business."

For more information on the Disaster Relief Loan and Loan Forgiveness Program, e-mail hello@stauntonfund.org. To apply, fill out the COVID-19 relief form on SCCF’s website: www.stauntonfund.org.

04/01/2020 Release from the Staunton Creative Community Fund:

Augusta County, VA (April 1, 2020) – In response to the COVID-19 health crisis, Farmers & Merchants (F&M) Bank is partnering with the Staunton Creative Community Fund (SCCF) to establish a $25,000 loan fund to benefit entrepreneurs and small businesses in Staunton, Waynesboro, and Augusta County. Funds for the Disaster Relief Loan and Loan Forgiveness Program will be provided by F&M and managed by SCCF, a local non-profit organization that supports small business in the Shenandoah Valley through microlending, technical assistance, and education.

Loans offered through this program will be 0% interest with a term of up to 3 years, and amounts ranging from $1,000 to $5,000. For each principal payment that is made, those dollars will be matched 1:1 so a borrower receives 50% loan forgiveness.

“We understand current economic conditions are creating financial challenges for our community,” said F&M Bank President and CEO, Mark Hanna. “Times of crisis call for unique solutions, and through our partnership with the Staunton Creative Community Fund, we are ready to help. We would not be where we are today without the support of local business. It is time for us all to rally behind the small, local business owners who make this community a great place to live, work, and play.”

“We are so excited to partner with F&M Bank,” said Debbie Irwin, Executive Director of SCCF. “This is a stressful and uncertain time for all of us and with this partnership, our small business owners can start to get a little bit of breathing room.”

For more information on the Disaster Relief Loan and Loan Forgiveness Program, e-mail hello@stauntonfund.org. To apply, fill out the COVID-19 relief form on SCCF’s website: www.stauntonfund.org. The SCCF website also has more information on how to safely support local business during this time.