Virginia’s small businesses to receive up to $230 million in credit support

Virginia has been approved for up to $230 million in State Small Business Credit Initiative (SSBCI) program funding.

SSBCI is facilitated by the U.S. Department of the Treasury, and will accelerate the formation and growth of entrepreneurial businesses in the Commonwealth.

The funding, according to a press release, provides additional resources for Gov. Glenn Youngkin’s vision of an innovation economy and goal of 10,000 new start-ups.

“Start-ups and small businesses are critical to our future and job creation. This initiative will expand our existing funding programs for companies with high potential for rapid growth and significant economic development,” Youngkin said in the press release. “We must have an economy that encourages innovation and entrepreneurship across the Commonwealth because new businesses create opportunities that lift up all Virginians.”

Approximately $57 million of the SSBCI funding will be allocated to the Virginia Small Business Financing Authority (VSBFA) through three loan programs to eligible small businesses. VSBFA will offer expanded credit support and technical assistance to small businesses through SSBCI.

“Virginia has a remarkable history of being the birthplace of innovations that have changed the world. This funding will help extend our impressive and successful track record. Our goal is to expand entrepreneurial ecosystems and unleash small businesses and entrepreneurs as a pathway to success for their groundbreaking ideas and new products and services,” Secretary of Commerce and Trade Caren Merrick said in the press release.