Small Business FAQs

What kinds of loans does People Incorporated Financial Services make?

  • We make loans of up to $200,000 to help entrepreneurs launch new businesses, and to help existing businesses grow and expand.
  • Our technical assistance staff assist entrepreneurs through all aspects of the loan process, from pre-loan technical support to assistance with application and monitoring of post-loan progress.
  • Many entrepreneurs come back for additional loans as their businesses mature.

How long does the loan process take?

  • Loans under $10,000 can be considered for approval by our Internal Credit Committee which meets weekly. These loan applications received by noon on Tuesday will be reviewed that week. Loans exceeding $10,000 must be approved by the External Loan Review Committee and may take longer for approval. Once a loan is approved, a closing date can be scheduled. The length of the process depends upon the completeness of the application package.

Does the Credit Committee consider personal credit history when reviewing loan applications?

  • Credit is considered on a case by case basis. Applicants who have filed bankruptcy within one year will not be considered for a loan. Applicants who owe delinquent taxes must have an approved plan with the government in order to be considered for a loan.

How can I access my credit report?

  • Several websites, including www.equifax.com will allow you to access or obtain your credit report. Check your yellow pages for other venues where you can obtain your credit report.

Do I have to offer collateral to receive a loan?

  • Collateral is required for all loans. Consult with a Business Development Manager at (276) 623-9000 to determine if your collateral is sufficient for your request.

Do you have grant money available for individuals interested in starting a small business?

  • Although our business counseling is offered at no charge, we currently do not have available grant money for starting or expanding a small business. We only offer loans that must be repaid.

What do you do for business owners?

  • We help people start businesses by providing start-up loans and technical assistance.
  • We help existing business owners become more profitable by making loans to invest in equipment, vehicles, remodeling, or inventory.

  • We help people buy existing businesses by lending the additional money needed to complete a purchase.

Who do you help?

  • People who are not ready or not eligible to get a business loan from a conventional bank or lender
  • People just getting started OR who have been in business for a long time
  • People who are self-employed (part-time or full-time) or who have a business with employees
  • People who have a business located in Southwest Virginia.
  • Business owners who need a loan to make that “big purchase”

How can People Incorporated Financial Services help you?

  • We can loan you the money you need to start or grow a business
  • We can give you a second chance if you have been turned down for a loan by a bank
  • We help you establish a positive credit history for yourself and your business
  • Our Business Development Managers help each borrower with financial projections and makes sure that he or she can afford to take on the debt.