The Transylvania Times -

Transylvania County commissioners Monday approved providing $150,000 for a new loan program for local small businesses.

The loans, which will have to be repaid, have a $10,000 maximum and will be eligible to for-profit businesses and nonprofits, with no more than 49 employees that have a physical location and can demonstrate a loss greater than 25 percent.

The loans will include interest payments, a lender fee and other conditions, and will be administered through Mountain Biz-works, a community development financial institute.

The Transylvania Economic Alliance’s executive board de...