A local entrepreneur’s grassroots effort to give $3,000 forgivable loans to Virginia small businesses — with a request that recipients “pay it forward” if they eventually can — seems to be working.
Disruptor Capital CEO Pete Snyder’s Virginia 30 Day Fund has started to see its impact, with 164 small businesses funded across the state in the past four weeks. The team has raised more than $1.5 million toward its $3 million goal, more than half of which is in pledges and expected to come in soon, Snyder said. “We are thrilled that we’re going to be able to fund hundreds and hundreds of more businesses in the weeks to come,” he said.
The fund also has another 2,100 open applications.
But one of the small businesses to receive a loan is already reinvesting in the fund.
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