FOR IMMEDIATE RELEASE: VSBFA ANNOUNCES VIRGINIA TO RECEIVE $4.1 MILLION IN STATE SMALL BUSINESS CREDIT INITIATIVE FUNDING
The program provides key business advisory services to companies preparing for financial support and connects companies directly with funding sources.
Richmond, VA- The Virginia Small Business Financing Authority (VSBFA) announced today that Virginia has been approved for $4.1 million in SSBCI Technical Assistance grant funding by the federal U.S. Department of Treasury under the State Small Business Credit Initiative (SSBCI) program. This program will provide legal, accounting, and financial advisory services to companies preparing for support from state and/or federal small business programs and connect companies directly with its SSBCI-supported capital programs.
The SSBCI is a federal program administered by the Department of the Treasury (Treasury) that is intended to expand access to capital, promote economic resiliency, create new jobs, and increase economic opportunity. Of the total $200 million set aside for the Technical Assistance Grant Program (TA), the Treasury awarded a $4.1 million federal grant to the Virginia Small Business Financing Authority (VSBFA) for the provision of these services to small businesses. The program must be completed in five years.
Working with the VSBFA, technical assistance providers will offer legal, accounting, and financial advisory services to small business owners preparing for capital support from small business programs and connect companies directly with funding sources. The TA providers will offer one-on-one mentoring, workshops, webinars, job and resource fairs, and community events to connect Socially and Economically Disadvantaged Individually-owned (SEDI) businesses and Very Small Businesses (VSB) directly with support from legal, accounting, and financial advisory providers. VSB are defined as businesses with nine or less employees.
To select TA providers, VSBFA conducted a competition. Out of the nine competition participants, four entities were sub-awarded in various amounts up to $1 million. The Virginia Small Business Development Center (SBDC) Network of the George Mason University, The Launch Place, 757 Collab, and the Community Investment Collaborative (CIC) will take on the primary responsibility of offering these key services to businesses while hosting virtual and in-person events geared towards connecting businesses to funding opportunities.
“We are excited to offer this critical support to small businesses. This program will have a lasting, positive impact on the entrepreneurial landscape of the Commonwealth,” said VSBFA Executive Director, Joe Shearin.
The VSBFA anticipates this program will provide assistance to 1000 beneficiaries, resulting in 700 jobs, 500 applications for lending support, as well as assistance for entrepreneurs seeking investments.
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CONTACT: Connor Templeton
(804) 310-2370
