While micro-loans are often associated with aiding entrepreneurs across the globe, the Virginia Small Business Financing Authority has established a program to help Virginia entrepreneurs right here in the Commonwealth.
The program is targeted towards existing Virginia businesses that will use the financing to either create new jobs or retain existing jobs. Companies must have been in operation for at least three years, as well as meet additional criteria in order to take advantage of the program.
These short-term loans will have a maximum maturity of one year with rates based off the Wall Street Journal Prime Rate. Funds can be used for financing working capital needs, fixed asset purchases, leasehold improvements or technology infrastructure.
Virginia is a great place to start and grow a business, offering entrepreneurs a variety of resources at all stages of expansion. Use these links to learn more about Virginia’s Micro-Loan Program and obtain an application.
To learn more about Virginia’s resources for early stage companies click here.