VSBFA Lending Partnership Program
The Commission’s lending partnership program with the Virginia Small Business Financing Authority (VSBFA) seeks to deploy up to $10M 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.
- 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.
PROGRAM CONTACTS
Questions from partners or potential applicants:
Stephen Versen
Deputy Director
sversen@revitalizeva.org