VSBFA Lending Partnership Program

The Commission’s lending partnership program with the Virginia Small Business Financing Authority (VSBFA) seeks to deploy up to $20M in funding to support economic development and job creation in the tobacco region.

Loans are made directly to businesses or economic development organizations, with a special focus on meeting the following lending needs:

• Economic development organizations supporting private sector job creation and capital investment in the Tobacco Region. For example, operating loans to organizations undertaking community and economic development projects to help with cash-flow as their operations wait for grant reimbursements.
• Agribusiness projects – especially those sourcing inputs from the Tobacco Region. For example, operating loans to value-added processors of Virginia grown agriculture and forestry products that enable the business to pay producers in a timely manner while they wait for accounts receivable to clear.
• TRRC Drone Fund – The Unmanned Aerial Systems, or Drone, industry is expanding quickly, driven by applications in energy, agriculture, infrastructure inspection, emergency response, and defense. The TRRC Drone Fund will position Southern and Southwest Virginia to capture a larger share of this high-growth market. The Tobacco Region already has companies operating in this industry and the creation of this fund will close capital gaps for these companies, thus accelerating commercialization, strengthening regional clusters, and positioning the region as a leader in this important technology.
• Maritime Advancement & Supply Chain Transformation (MAST) Fund – a targeted financing program designed to support small and medium-sized enterprises (SMEs) in the maritime and shipbuilding supply chain. The Fund seeks to close capital gaps for Tier 2 and Tier 3 suppliers, accelerate new investment in Southern and Southwest Virginia, and strengthen Virginia’s position as a national leader in commercial and defense shipbuilding.
• Energy projects – especially those with some form of public-sector support.

Applicants work through VSBFA staff who will perform credit analysis/underwriting and provide recommendations for loan approval. Loans are made only to credit-worthy businesses and organizations, and are not intended to be used when a commercial lending opportunity is readily available.

To learn more about these opportunities, please contact TRRC’s Deputy Director, Stephen Versen at SVersen@revitalizeva.org or (804) 229-4824.