SWaM Microloan Webinar

Description

Are you a Virginia Small Business looking for Financing?

The Virginia Small Business Financing Authority’s (VSBFA) SWaM Business Microloan Fund is designed to assist Virginia’s existing small businesses.
Short-term loans are provided to help established businesses create jobs, retain existing “at risk” jobs and promote investment and long-term economic
development in Virginia.

**Eligible Borrowers**
– Businesses currently operating in Virginia
– In good standing with the State Corporation Commission
– Businesses in continuous operation for at least **two (2) years**.

**Businesses must also meet at least one of the following criteria to be an eligible borrower**
– Have $10 million or less in annual revenue over each of the last three years
– Have a net worth of $2 million or less
– Have fewer than 250 employees.

This is a direct loan from the VSBFA to the business client that does not require a bank’s participation in the transaction. It is an ideal tool for bankers who are faced with business loan requests for very small amounts where the bank would prefer to refer the client to an alternative source of funds.