Clinch Valley Eco-Loan Funds Available to Entrepreneurs

The Nature Conservancy and People Incorporated of Southwest Virginia expand program encouraging sustainable economic development in southwestern Virginia and northeastern Tennessee

Date: 01/14/02

Abingdon, Va. — The Clinch Valley Eco-Loan Program provides flexible rates and term loans for business start-ups or expansions that demonstrate environmentally-compatible economic development in the Clinch, Powell and—as of 2002—the Holston river watersheds. Ecologically-minded entrepreneurs in Lee, Russell, Scott, Smyth, Tazewell, Washington and Wise Counties in Virginia, as well as in Tennessee's Claiborne and Hancock Counties, are eligible to apply for funding through the program, which was created through a partnership between The Nature Conservancy's Clinch Valley Program and People Incorporated of Southwest Virginia.

"The Eco-Loan Program is a unique partnership between the Conservancy and People Incorporated to encourage potential entrepreneurs, while also promoting economic development that is consistent with protecting the special environment of our region," said Bill Kittrell, director of the Conservancy's Clinch Valley Program. "The recent expansion of the program into Washington and Smyth counties will have a positive impact on the Holston River and increase the program's effectiveness across the entire Clinch Valley region."

To be considered for Eco-Loan funds, businesses must meet standard financial criteria, but also must provide economic benefits to their local communities without causing serious stress to natural elements, endangered species or significant natural communities. Economic benefits generally entail the creation or enhancement of jobs through value-added products and services—for example, using local wood to manufacture products locally as opposed to shipping timber out of the region to be milled. Products or services also must demonstrate high quality, positive community image and consistency with the character, culture, history and natural environment of local communities.

Types of eligible business enterprises include ecotourism such as guide or hospitality services, retail of locally-made products, value-added forest products, innovative sustainable planning, recycling-based industries and ecosystem restoration.

The Nature Conservancy secured a grant from the Tennessee Valley Authority to provide seed money for the Eco-Loan endeavor, while People Incorporated administers the loan fund. Those interested in applying for the Eco-Loan program should contact Phil Black, director of the Economic Development Group of People Incorporated, at (276) 623-9000.

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The mission of The Nature Conservancy (http://nature.org//) is to preserve the plants, animals and natural communities that represent the diversity of life on Earth by protecting the lands and waters they need to survive. Since 1951, the Conservancy and its one million members have been responsible for the protection of more than 12 million acres in the United States alone, including 225,000 in Virginia. The Conservancy has 36,000 Virginia members and manages 34 nature preserves across the state, including nine in the Clinch Valley.

People Incorporated of Southwest Virginia is a non-profit organization whose mission is to create opportunities for low-income people in Southwest Virginia.