Economic Development Authority
Welcome to Page County, located in the beautiful Shenandoah Valley!
Page County is a great place to live, work, and retire. The EDA is committed to growing our businesses and investing in their future success. Our goal is to retain and expand existing businesses, attract and recruit desirable new businesses, and enhance economic activities that will benefit local businesses and residents. We aim to provide the tools for strong economic development by offering our members outstanding services.
- To better the welfare of the citizens of the community.
- To promote the economic growth and development of the County and thereby increase its prosperity and economic well-being, including but not limited to expansion of the commercial and industrial tax base for the County; and
- To acquire, own, lease, and dispose of properties to the end that the Authority shall promote industry and develop trade by inducing manufacturing, industrial, governmental and commercial enterprises to locate in or remain in the County.
The Economic Development Authority of Page County was created by the Code of Page County (Chapter 5, Article IV, as amended) under the authority of Chapter 49, Title 15.2, of the Code of Virginia, 1950, as amended (the "Act").
The Authority shall be vested with all powers that may be necessary to enable it to accomplish its purposes, and all such powers shall be exercised for the benefit of the inhabitants of the Commonwealth of Virginia, through the increase of their commerce, or exercise all powers granted to it by the Act as may be in effect from time to time. The Authority shall be a separate and distinct legal entity from the County of Page, Virginia, and shall be, in accordance with the Act, a political subdivision of the Commonwealth of Virginia.
1. EDA Micro Loans
The Micro Loan program plays a crucial role in supporting small businesses, entrepreneurs, and community development in Page County. These microloans are typically smaller in scale compared to traditional loans, making them more accessible for individuals with limited financial resources.
- The loan fund has been established by a grant from the USDA Rural Development and is designed to assist Page County small businesses to expand, start-up, etc.
- The fund is administered by a committee compiled of members of the EDA.
- A typical loan is used for Gap Financing: Collaborating with local financial institutions and business support organizations can enhance the impact of these microloan programs and contribute to the overall economic development of the community.
- The current interest rate is 0%. IN THE EVENT OF DEFAULT, THE INTEREST RATE ON THE LOAN SHALL BE INCREASED TO 3% AND THE DEFAULT RATE SHALL REMAIN IN EFFECT UNTIL THE LOAN IS PAID IN FULL. THE LOAN WILL BE DEEMED IN DEFAULT IF THE LOAN BECOMES 30 DAYS PAST DUE.
2. Workforce Housing Subcommittee
The Workforce Housing Subcommittee focuses on the development of workforce housing in Page County and addresses the housing needs of the local workforce. Workforce housing refers to affordable housing options for individuals and families who work in our area, ensuring that we have access to suitable and reasonably priced homes.
The overall goal of this committee is to contribute to the creation of stable, affordable housing market that meets the needs of the local workforce, promoting economic sustainability and community well-being.
3. Agriculture Subcommittee
The Agriculture Subcommittee within an Economic Development Authority (EDA) was created to develop a strategic approach to supporting and promoting the agricultural sector in our community. By addressing key aspects, the Subcommittee plays a vital role in fostering the growth, sustainability, and economic resilience of the local agricultural sector. The subcommittee's plans are tailored to the unique characteristics and needs of our community which we serve.