Low-interest loan program
boosts
business in Buena Vista
 |
| Robert Bushong's Stone Grey Pub is one of several new businesses that are helping Buena Vista revitalize its downtown.
(JOEL POELHUIS / Rockbridge Report) |
Efforts to re-energize Buena Vista's business community appear to be paying off. Fourteen small businesses opened or re-opened last year in the city, and this year, 12 new business licenses have been issued already.
Robert Bushong plans to open his Stone Grey Pub on St. Patrick's Day. Inside his building on Beech Street are a pinball machine, a jukebox and the bar Bushong made with the help of a friend. A table saw sits outside, between cuts that will eventually lead to a dart board.
Bushong said he looks forward to being a part of revitalizing Buena Vista's retail enterprises.
"There is absolutely nothing in this city for a young man or woman -- when they graduate high school or college -- to keep them here," he said.
Other businesses are also hoping to fill the niche for younger customers. Amber Ferguson and her husband, William, are moving from Ashland, Ky., to open The Rockbridge Coffee Company, a café, gift shop, and venue for art and acoustic music. Ferguson said her family was attracted to the Rockbridge area while driving through it on vacations to Virginia Beach and the Outer Banks.
Ferguson said she wanted to provide a place to give people something to do later in the evening. The Rockbridge Coffee Company will cater especially to the college-aged crowd and will open by the Fourth of July weekend.
Small businesses in Buena Vista can apply for low-interest loans from the Department of Economic Development. The loans draw from a $99,500 fund approved by the U.S. Department of Agriculture last July.
Tim Reamer, director of the city's Department of Economic Development, said there is currently about $43,000 left in the fund, and several applications are pending. However, as money from old loans is repaid, the fund is replenished and new loans can be granted.
Businesses can apply for up to $15,000 at an interest rate of about 3 percent. Area banks charge 6.5-10 percent interest on small business loans, though larger amounts are available. Lexington is not pursuing the loan program.
The Tired Feet Café took advantage of the low-interest loan opportunity when it moved from Glasgow to Buena Vista this year. Richard McDaniel, who owns the café with his wife, Michelle, said their relocation was based on Buena Vista's larger population and the growth of Southern Virginia University. School officials say they expect the college to add up to 300 students to its current 700 within several years.
McDaniel offers a 15 percent discount to SVU students who present their university ID cards. McDaniel said the loan helped ease the financial burden of relocating.
Bushong started the pub with his own and his wife's money. He has also applied for a low-interest loan to help finance the pub. He said that while the availability of the loan wasn't a deciding factor in his decision to open the pub, it did help.
Bushong noted that while many businesses are opening in Buena Vista, others have gone out of business, like Alexander's Ice Cream Emporium, which recently closed despite winning the Buena Vista Business Development Council Community Pride Award in 2005. Bushong said the first few years will be the test for small businesses like his.
Though Ferguson is not planning to apply for an Economic Development loan, she said she was impressed by the city's business-friendly atmosphere.
"If you have any kind of vision, you can see that Buena Vista's going to be something in the next few years," Ferguson said.
Produced by
Washington and Lee
journalism students.
Lead Supervisors:
Prof. Brian
Richardson
Prof. Phylissa
Mitchell
Editing supervisor:
Prof. Pamela Lucke
Technical supervisor: Michael Todd