FinancingVirginia Investment Partnership Grant Fund The Virginia Investment Partnership is a discretionary performance incentive program targeted to companies that have operated in Virginia for at least five years and propose projects that fall into one of the following two categories:
The Virginia Department of Business Assistance (DBA) Financial Services Division administers the programs of the Virgnia Small Busniess Financing Authority (VSBFA), which is a statewide conduit issuer of industrial development bonds and is the vehicle through which DBA provides financial assistance to Virginia busiensses. DBA staff works with businesses, bankers and other state agencies to provide direct funding and credit enhancements through a variety of financing programs for the benefit of eligible new and expanding businesses. Real Estate and Capital Equipment Programs This real estate program fanances up to 90% of the cost of purchasing, expanding, and/or rehabilitating owner-occupied real estate. The program can be used to purchase the building a company is leasing; provide permanent financing for new construction; or fund the renovation/expansion of an existing building. The capital equipment program funds the purchase of new (up to 70% cost) or used (up to 50%) machinery and equipment that has a minimum five-year future economic life. Loan amounts can range from $50,000 to $1,000,000 for qualified companies. Environmental Compliance Assistance Fund The Virginia Department of Environmental Quality (DEQ) has entered into a cooperative agreement with the DBA to develop and administer a revolving loan program. Through the program, low-interest rate loans are available to small businesses for the purchase and installation of replacement equipment needed to comply with the Clean Air Act; or to implement voluntary pollution prevention measures; or for the implementation of selected voluntary agricultural best management (BMPs) practices as listed in the Virginia Agricultural BMP Manual. Some examples of eligible loan uses include high-volume, low-pressure spray guns, dry cleaning machines, alternative curing technologies, ultrasonic cleaning equipment to replace a solvent system, debarkers and chippers, and agricultrual BMPs that include equipment or structures such as animal waste control facilities and animal waste structure pumping equipment. Child Day Care Financing Program Though the Child Day Care Financing Program, VSBFA provides low-interest installment loans to "regulated" Providers in the Commonwealth of Virginia. A regulated Family Home Provider may be: 1) licensed by the Virginia Department of Social Services (DSS); 2) registered through the Voluntary Registration Program; 3) approved through a local Department of Social Services; 4) part of a Licensed Family Day Care System; or 5) participating in the USDA Food Program. A regulated Center-based Provider may be: 1) licensed by the DSS; or 2) filed as "religious-exempt" with the DSS. Both for-profit and non-profit entities are eligible to apply. Start-ups are also eligible to apply. Loan proceeds can be used to meet or maintain childcare standards, including health, safety or fire codes, or to make quality enhancements to their child care program. Loans may also be used for certain start-up costs; however, loans for building construction, working capital or to refinance or consolidate existing debt are not eligible for this program. Some examples of eligible loan uses include equipment purchases for infant care, playground equipment and fencing, or renovation and reparis to plumbing and electrical systems, kitchens and bathrooms. Loan Guaranty Program The Loan Guaranty Program is designed to reduce the risk to banks in making loans, thus increasing the availability of short-term capital for small businesses. The VSBFA will guarantee 75 percent of a bank loan, up to $500,000. Typical borrowings include revolving lines of credit to finance accounts receivable and inventory, and short-term loans for permanent working capital and fixed-asset purchases, such as office or research equipment. |