SOLUTIONS THROUGH UNIFIED EFFORT

 Small Business Resources
 

FDIC SMALL BUSINESS HOTLINE
Phone:
1-855-FDIC-BIZ (1-855-334-2249)
            Monday through Friday: 8:00 am ET to 8:00 pm ET
            Saturday and Sunday: 9:00 am ET to 5:00 pm ET
Web Address:

http://www.fdic.gov/consumers/banking/businesslending/contact.html  

 

The FDIC encourages bank lending to creditworthy small businesses. The FDIC also encourages small businesses that may have an inquiry or concern about the availability of credit to contact their new Small Business Hotline at 1-855-FDIC-BIZ.

They will respond to inquiries about policies and financial institutions under the FDIC's jurisdiction as well as make referrals to other government agencies and information resources. Or you can use the Business Assistance Form at www.fdic.gov/baf/

U.S. ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) ECONOMIC DEVELOPMENT LOAN FUNDEDA
601 Walnut Street, Suite 140 South, Philadelphia, PA 19106-3323
Phone: 215.597.4603
Web Address:  http://www.eda.gov/PDF/2009%20PRO%20Contacts.pdf 
Email
:
Wtaylor@eda.doc.gov
RGittler@eda.doc.gov
Contacts: 
Willie Taylor, Regional Director
Bob Gittler, Virginia EDA Representative

601 Walnut Street, Suite 140 South, Philadelphia, PA 19106-3323
With funding from the federal Economic Development Administration (EDA), the Economic Development Loan Fund (EDLF) provides gap financing (for local entities such as the Virginia Small Business Financing Authority (VSBFA) between private debt financing and private equity. Funds are available to economic development authorities and qualifying new and expanding businesses that are creating new jobs or saving “at risk” jobs in qualified underserved and distressed areas of Virginia as defined by the EDA. Funds are also available to Virginia businesses which derive 15% or more of their revenues from defense-dependent activities and can demonstrate economic hardship related to defense downsizing.

U.S. SMALL BUSINESS ADMNISTRATION (SBA) PROGRAMSSBA
400 North 8th Street, Suite 1150, Richmond, VA 23219-4829
Phone: 804.771.2400
Web Addresshttp://www.sba.gov/localresources/district/va/
E-Mail:
ronald.bew@sba.gov
Contacts:
Ronald Bew, SBA District Director
Peggy FaJohn, Lender Relations Specialist
The SBA helps start-up and existing small businesses expand by offering financing options guaranteed for a variety of general business purposes. SBA does not make loans itself, but rather guarantees loans made by participating lending institutions.  Programs offered include the 7a program (long term-fixed financing), Microloan Program (small, short term financing), the America’s Recovery Capital Loan Program (ARC), the Express Loan Program, and the Patriot Express Loan Program.

VIRGINIA COMMUNITY CAPITALVCC
990 Cambria Street, Christiansburg, VA  24073
Phone: 804.344.5484
Web Addresshttp://www.vacommunitycapital.org
E-Mail
wskeen@vccva.org
Contacts:
Bill Skeen, Chief Credit Officer

Virginia Community Capital, Inc. (VCC) is a multi-million dollar non-profit, bank holding company that has a community development financial institution (CDFI) and banking entity (Community Capital Bank of Virginia) providing innovative loan and investment solutions for affordable housing, economic development and non-profit projects in the Commonwealth of Virginia.  VCC offers financial products designed to support affordable housing and community development ventures, increase jobs and build sustainable communities.  With flexible loan capital and credit enhancements, VCC partners with community banks to expand financing options available to borrowers.  VCC also provides loan capital in the form of bank and non-bank participations, second liens, and other credit enhancements to help projects with positive community impact. VCC extends loans to small businesses, often utilizing traditional government guaranty programs. 

For a more complete listing of VCC products and services, please click on the link below.
http://www.vacommunitycapital.org/products/index.php

VIRGINIA SMALL BUSINESS DEVELOPMENT CENTERSSmall Business Dev
600 East Main Street, Suite 700, Richmond, VA 23219
Phone: 804.783.9814
Web Address: http://www.virginiasbdc.org/default.aspx

Virginia Small Business Development Centers offer professional business counseling, training and information resources to help grow and strengthen Virginia businesses.  Professionals assist with business planning, marketing, financial analysis, access to capital, business start-up and other specialized services as requested.

The SBDC’s work with banks and other lending agencies and organizations to assist in putting together financial projections, but the actual financing comes from outside sources.

VIRGINIA SMALL BUSINESS FINANCING AUTHORITY  Business Financing
1220 Bank Street, Richmond, VA 23219
Phone: 804.371.8200
Web Addresshttp://www.dba.state.va.us/VSBFA_Bd.shtml
E-Mail:
scott.parsons@vdba.virginia.gov
Contacts:
Scott Parsons, Executive Director, Virginia Small Business Financing Authority
Mary Jo Sisson-Vaughan, Project Manager, Virginia Small Business Financing Authority

The Virginia Small Business Financing Authority provides financial assistance to Virginia businesses through public and private partnerships that rely upon both direct loans and a variety of loan guaranty programs.

The VSBFA can make loans directly to businesses in certain situations.  Typically, the VSBFA is not the sole funder and often it is the subordinate lender behind a bank.  

The VSBFA provides "gap funding" between available equity and bank loans for projects with high economic development impact in the most financially distressed sections of the Commonwealth.  Finances permanent working capital, plant, and equipment in maximum 10 year term loans.  Recent fixed rates of 5%.  Maximum loan is typically the lesser of $1 million or 40% of total project cost. Loans can be directly to the business or made to the Industrial or Economic Development Authority serving the locality.

In addition, the VSBFA serves as a conduit bond issuer for qualifying Virginia manufacturers, exempt facilities, and 501c3s seeing tax exempt funding of capital assets.  Provide no credit and assume no liability in these transactions.  Credit enhancement typically provided by commercial banks.