FINANCING |
Commonwealth of Virginia, Economic Development Revolving Loan Fund | |
| Proposed Amount |
Up to $700,000 Up to 50% of the total project cost. |
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| Proposed Terms |
Negotiable ( Typically at or below market rate) | |
| Description | The Virginia Small Business Financing Authority administers an Economic
Development Revolving Loan Fund designed to fill the financing gap
between private debt financing and private equity. Loans can be used to
acquire land and buildings, expand or improve existing facilities, construct
new facilities and purchase machinery and equipment. Financing is available to manufacturing companies and other industries that derive 50% or more of their sales outside of Virginia. One permanent full-time job must be created or saved within the two years of obtaining the loan for each $10,000 borrowed from the fund. A minimum of 10% of the project cost as cash equity is required. Other eligibility criteria may apply. |
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