Small Business Capital Access Program
The Small Business Capital Access Program provides loan financing and coaching to small businesses across the greater Richmond and Petersburg region to unlock their potential to expand, create jobs, and fuel wealth creation.
LISC Virginia offers 0% financing to help grow local businesses in the region. All repayments will be recycled back into the greater Richmond and Petersburg small business community, sustaining this investment tool for the region. The Longwood Small Business Development Center (SBDC) provides businesses with free one-on-one coaching in support of their loan request and usage of funds.
Businesses can now start their loan financing request form. The deadline for requesting financing is rolling and will remain available until all funds are expended.
Loan Terms:
- Loan amount: $10,000 - $50,000
- Interest: 0% interest
- Deferred payments: No payments first 6 months
- Loan term: up to 36 months
- Amortization: 5 years
- Collateral: no collateral required
- Credit Score: no minimum credit score
Loan Usages:
- Hiring new staff
- Equipment, supplies, and inventory
- Marketing and consultants
- Website development and improvements
- Refinancing high-interest loans and debt
- Leasehold improvements and renovations
- Certifications and trainings
- Bridge financing for contracts
* Special consideration will be made for funding requests that help businesses create new jobs
One-on-One Coaching
Longwood SBDC provides free coaching services to businesses interested in requesting loan financing. Longwood SBDC will help businesses update their financial documents and business plan in support of their request for financing. After receiving loan funding, businesses can also receive free assistance in identifying contractors or vendors to complete their project goals. Longwood SBDC can assist businesses in identifying marketing specialists, contractors, and other consultants.
Partners
Longwood SBDC
Business Eligibility:
- Geography: Businesses located in the City of Richmond, Henrico County, Chesterfield County, City of Petersburg, City of Hopewell or City of Colonial Heights
- Longevity: Businesses with at least 2 complete years of operating history
- Employees: Business that have 2 or more employees (sole proprietors and non-profits are ineligible)
- Profitability: Businesses with a gross revenue at least $50,000 (based on 2020 or 2021 tax returns)
Required Financial Documentation:
- Profit + Loss Statements: 2019, 2020, 2021, 2022. and interim 2023
- Balance Sheets: 2019, 2020, 2021, 2022. and interim 2023
- Business Tax Returns: 2019, 2020, 2021
- Growth Projections: 2023 and 2024
- Current Business Debt Schedule
Required Business Documentation:
- Current Business Plan
- Active Local Business License
- VSCC Good Standing Certificate
- Articles of Incorporation
Program Sponsors
This program is funded by the Virginia Department of Housing and Community Development (DHCD) through their Virginia Small Business Resiliency Fund program.
Partners
WBC Richmond
