FOR IMMEDIATE RELEASE:
Linzy Browne, Stafford EDA Marketing & Events Professional
STAFFORD, VA — July 28, 2023 — The Stafford County Economic Development Authority (EDA) closed on their largest loan to date on July 19, 2023 to Next Level Mosaic, LLC. The loan in the amount of $151,000 was through the EDA’s Business Growth Fund Program, which is used to bridge the gap between the business’s available funding and total startup costs. Next Level Mosaic will be using the loan to construct four (4) greenhouses, buy hydroponic growing equipment, and provide operational working capital.
“Next Level Greens’s mission is to provide our region with innovative farming techniques, such as hydroponic crops, to produce a higher yield of produce,” owner, Brandon Bather, said of his business. “The funding for this project is for a pilot size operation with smaller greenhouses to prove viability. Our full family-size farm employs 5 people and can produce approximately 400 dozen plants per week, which is thirty to forty times higher rate than traditional farming methods and year round. With the help of the Stafford EDA, our business can make an impact by providing our community with only the best quality local produce while providing educational opportunities.”
The Stafford EDA is a small business financial lender that helps local businesses launch their new ideas or assist existing businesses with their growth. With roots in the Stafford region for over fifty years, there has been no other organization that has increased the financial prosperity of Stafford’s businesses quite like the EDA. In a region with such close proximity to Washington, D.C., Stafford’s local businesses are positioned to thrive under the wing of the EDA’s attentive and client-driven strategies for financial development.
“We are delighted to welcome Next Level Greens unique approach to farming into our community,” Stafford EDA Board Chairman, Howard Owen, stated. “We are proud to invest in new and existing businesses that will transform the trajectory of our ever-growing region. At the Stafford EDA, we’re in the business of making local businesses’ dreams become a reality.”
The EDA structures their loans to target specific goals so that businesses can find support wherever meets their needs. They have three levels to their loan programs. First, their Micro-Loan Program provides low-cost, short-term financing to support the immediate needs of businesses in areas such as technology upgrades or innovation, new job creation or retention, and expansion into new or emerging markets. The Business Growth Loan is the next level of financing for businesses seeking a higher investment for their business. The loan’s primary purpose is to assist in developing the property, construction and rehabilitation, and purchase of machinery and equipment. The third, and newest, option to the EDA’s loan programs is the Smart Technology Innovation Loan Fund, which is designed to stimulate growth of new technology-based companies. This loan is specifically designed for innovative technology companies in the region to use for investing in new equipment and performing research.
With the help of the Stafford EDA, consumers will be able to find Next Level Greens’ produce in local grocers and restaurants throughout Virginia.
About Stafford County Department of Economic Development
The Stafford County Department of Economic Development is the sales and customer service arm for Stafford County, Virginia, committed to advancing expansion and investment for the community. As the official economic development source of Stafford County, our mission is to promote, solicit and encourage business growth that enhances economic activity and quality of life within the Stafford region.
The Stafford Economic Development Authority (EDA), is an appointed board of 7 members, who support the Stafford County Department of Economic Development providing additional business resources to encourage healthy economic growth and business retention in Stafford. The EDA offers business loan programs, develops vacant and underused properties in Stafford, and supports programs with in the county and region that reflects positive economic opportunity and business needs.
For more information on Stafford’s Economic Development and the Stafford EDA, visit www.GoStaffordVA.com and www.StaffordEDA.com, and follow on Facebook, LinkedIn, Twitter, or get connected through the monthly business newsletter.