​​Financing Programs​​


​​​​Business Information​ Services​​​​​

Virginia Business One Stop is an interactive portal designed to accelerate business formation and provide information for existing businesses. The online registration system will walk a potential business owner through each step needed to establish their new business. In addition, BOS helps existing businesses expand. The tool streamlines business-registration paperwork across seven agencies.

​Center for Innovative Techn​​​ology​

CIT helps grow Virginia's technology industry. Its CIT Entrepreneur program provides up to $100,000 in funding for promising high-growth technology companies and helps owners identify potential equity investors.


Center for Innovative Technology
2214 Rock Hill Road, Suite 600
Herndon, VA 20170-4228
(703) 689-3000

Virginia Small B​usiness Financing Authority (VSBFA)

VSBFA “Small Business” Definition
  1. Must be operating in Virginia, and licensed/good standing with SCC, local, or other licensing authority
  2. Meet ONE of the following:  Under $10M annual revenues or under $2 million tangible net worth or have less than 250 Virginia employees (some programs also require less than 750 total employees), or be a 501c3. ​

All real estate loans are “owner occupied commercial real estate.” No investment or residential.

VSBFA Direct Loan Progra​ms​

VSBFA makes a loan directly to Borrower typically either subordinate to the bank or secured by separate assets. Borrower applies directly to VSBFA which underwrites, closes, and manages the credit. ​
For all VSBFA Loans:
  • Response time once VSBFA has received all required information: 1 week if VSBFA exposure is no more than $500,000 approximately 1 month if VSBFA exposure exceeds $500,000
  • Existing companies must have history of profitable operations and satisfactory debt payment.
  • Startups must have business plans and projections.
  • VSBFA requires guarantees and pledge of all available business and personal collateral.
  • Minimum 10% cash equity expected for startups, more for existing businesses.
  • VSBFA programs cannot be used to compensate for fundamental business weakness.
  • No prepayment fees or closing costs aside from direct transaction costs. 

Loan Types

  • Economic Development Loan   
    Maximum 40% of total project cost not to exceed $500,000
    For real estate and improvements, furniture/fixtures/equipment, permanent working capital
    $500 application fee, recent fixed rate 4%
    Start up or existing business
    Focus on acceptable job creation/retention relative to loan amount                                                                                                 
  • Micro-loan        
    Maximum $10,000 -25,000
    48 month repayment
    $100 fee, 6.25% fixed rate
    Any business purpose other than investment real estate
    Must have been operational at least 2 years
    Owners’ credit scores must be at least 650 each
  • Child Care Loan
    Maximum $150,000 per location for centers, $10,000 for home based providers
    60 month repayment
    Borrower must be licensed and in good standing with Virginia Department of Social Services.
    Funds materials, equipment, supplies,  playground, mini-buses, fencing
    $100 application fee, 4% fixed rate
  • Bank Credit Support Programs
    Bank underwrites/commits to loan subject to VSBFA involvement.
  • Cash Collateral
    VSBFA pledges cash collateral to the bank to help back a business loan
    Maximum $500,000 or 40% of the loan amount, whichever is less.
    Maximum involvement—5 years for term loans, 3 years for credit lines
    Cost  $200 application fee
    Loan Guaranty-VSBFA provides an additional guaranty to the bank
    Maximum 75% of the loan amount or $750,000, whichever is less
    Maximum involvement-7 years for term loans, 5 years for credit lines
    Cost $200 application fee, 1.5% of the guaranteed amount due at closing
  • Loan Participation
    VSBFA buys a portion of a bank loan
    Maximum $500,000 or 40% of the loan amount, whichever is less.
    Maximum hold period 10 years
    $500 application fee, VSBFA receives same interest rate as Bank


Ray Killinger
Regional Lending Manager, Virginia Small Business Loan Programs​
Hampton Roads, Southern VA, Central VA Areas
(804)​ ​371-8184​​​