Financing Resources

With funding from the federal Economic Development Administration and the Commonwealth of Virginia, the Virginia Economic Development Loan Fund (EDLF) is designed to fill the financing gap between private debt financing and private equity. Funds are provided for fixed-asset financing to new and expanding industries that are creating new jobs or saving "at risk" jobs in Virginia. Funds can be used for the acquisition of land and buildings, the purchase of machinery and equipment, and construction or improvements to a facility. Manufacturing companies and other industries which derive 50% or more of their sales outside of Virginia are eligible to apply.

The Small, Women-owned, and Minority-owned Business (SWaM) certification program is a state program of the Commonwealth of Virginia. The purpose is to enhance procurement opportunities for SWaM businesses participating in state-funded projects.

The mission of the Virginia Department of Small Business and Supplier Diversity (SBSD) is to enhance growth opportunities for Virginia’s small businesses to prosper through increased revenue and job creation thereby raising the standard of living for all Virginians.

Through the Loan Guaranty Program, the Virginia Small Business Financing Authority (VSBFA) will guarantee a portion of a loan or line of credit extended by a commercial bank to a qualified Virginia business. With a guaranty from VSBFA, the bank benefits by reducing its risk in lending to the Virginia business, and the business benefits by accessing financing it would not otherwise have been able to obtain.

Companies seeking to finance new manufacturing plants or improvements to existing manufacturing plants can obtain long-term financing at favorable interest rates through the use of Industrial Development Bonds (IDBs). An IDB is a form of tax-exempt municipal bonds issued by a state or local government entity to finance the acquisition, construction, or equipping of a facility.