Tech support: $4.1M in federal funding awarded to Virginia’s underserved small businesses

Virginia small businesses have been awarded $4.1 million under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program.

The program was reauthorized and expanded by the American Rescue Plan.

Federal funding will be allocated through the Virginia Small Business Financing Authority (VSBFA) to help small businesses in Virginia access capital. The funding will specifically provide small business owners with technical assistance like webinars, workshops, one-on-one mentoring, job and resource fairs and community events.

“Small businesses help keep our communities and economy running, but many of the smallest and most underserved businesses face significant barriers accessing capital,” U.S. Sens. Mark R. Warner and Tim Kaine said. “Thanks to the American Rescue Plan we passed, Virginia is receiving funding for the SSBCI program to help ensure entrepreneurs across the Commonwealth have the resources they need to access capital and grow their business.”

Virginia received $230.4 million in American Rescue Plan funding for the SSBCI program in December 2022, which will enhance access to capital for Virginia’s small businesses. The $4.1 million in funding will help ensure very small and underserved businesses receive technical assistance to assist them in applying for funding through this and other federal programs. The VSBFA anticipates providing technical assistance to 1,000 beneficiaries, resulting in 500 pitch applications submitted to the state’s SSBCI capital programs and other federal programs.