Danville IDA forgives more than $100,000 in loans for local businesses | Business News
For Christie Wall, finding out she didn’t have to pay back city loans for her two businesses to stay afloat during the COVID-19 pandemic was a huge Christmas gift.
She got the call just before Christmas.
“I was speechless and pretty emotional, considering everything we’re going through right now,” Wall, owner of Grizzly’s Hatchet House and River City Escapes in the River District, said Tuesday. “It couldn’t have come at a better time.”
The Danville Industrial Development Authority, which had loaned out $129,600 to eight businesses in the city earlier this year, decided to forgive the unpaid portion of the loans — totaling $117,617 — during a special meeting earlier this month.
The city had originally earmarked $140,000 in CARES Act money for the Pittsylvania-Danville Health District. But when the district got its own CARES Act funds, it didn’t need the city’s share, so the $140,000 went to help cover the loans instead, said Danville Finance Director Michael Adkins.
With the deadline for spending CARES Act funding fast approaching, “we wanted to find a use for it,” Adkins said.
“That’s what we did with that money,” he said.
The loans that ended up being forgiven went to the following businesses: Amee Silk Garden LLC, Karen’s Hallmark Shop, Lizzy Lou Boutique, Moon River Thai restaurant, River District Auto Spa, Showcase Magazine, River City Escapes, and Grizzly’s Hatchet House.