The Virginia Department of Small Business and Supplier Diversity – Small Business Financing Authority (VSBFA) is the Commonwealth’s economic development financing arm. It does not have grant programs, but it does provide debt financing assistance to Virginia’s established, existing businesses, its entrepreneurs, as well as businesses looking to expand into Virginia. In general, the VSBFA’s financing programs assist:
- Economic Development efforts by offering direct loans, in conjunction with bank and other financing, to localities and Industrial and Economic Development Authorities (IDA’s/EDA’s) for projects of all sizes.
- Small Businesses by making it easier for Virginia’s financial institutions to make loans to small businesses by offering loan guaranties and loan loss insurance programs to reduce a bank’s risk.
- Small manufacturers and 501(c)(3) non-profits by providing access to low-interest, tax-exempt bond financing.
- Virginia’s tourism Industry through direct loans and loan guaranties in partnership with Virginia’s financial institutions.
- Licensed child care centers and family-home providers by extending low-interest, direct loans for necessary items which banks have difficulty financing.
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of the nation. The SBA offers a variety of programs and resources to help build and grow small businesses, including financing options. The SBA’s assistance usually is in the form of loan guaranties – the SBA guarantees loans made by banks and other private lenders to small business clients.
Debt.org is America’s Debt Help Organization. It strives to provide small businesses with a wide variety of information in regards to their finances. It offers information on how to handle tax delays, how to make pay roll, how to separate business and personal finances and numerous other pages of helpful information. It can also assist small businesses with settling or consolidating previous debts.