VSBFA secured $6.1 million to help small businesses
Through a third disbursement from the U.S. Treasury Department's State Small Business Credit Initiative (SSBCI), the funds will be put to work to help spur more small business lending.
Governor Terry McAuliffe said, "To build the new Virginia economy, we must continue to help Virginia's small businesses grow. The growth and success of Virginia's small businesses are integral parts of my economic development strategy, and I am proud of the work the Virginia Small Business Financing Authority and Virginia's Center for Innovative Technology are doing to achieve that important goal.
"These new funds will support the Commonwealth's businesses and help them create even more jobs for Virginians."
The funds will also be used to increase investments in small technology companies through Virginia's Center for Innovative Technology (CIT). Popular programs such as the VSBFA's Cash Collateral Program, Capital Access Program, and the Economic Development Loan Fund, will be available to more businesses as a result of this funding.
In addition, the VSBFA will use some of the funds to continue its partnership with Virginia's Center for Innovative Technology (CIT) to enhance CIT's GAP Fund which is designed to assist Virginia entrepreneurs in Virginia-based technology, clean tech and life science companies.
Since the beginning of the McAuliffe Administration, the VSBFA has partnered with Virginia's banks and equity providers to extend over $46 million in loans and equity investments to Virginia businesses and these businesses have created and retained 1,763 jobs. ■