On Monday, U.S. Sens. Mark Warner (D-VA) and Tim Kaine (D-VA) announced they had secured more than $4 million in federal funding for the Virginia Small Business Financing Authority (VSBFA).
The funding, part of the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, will help small Virginia businesses access capital, officials said. Reauthorized and expanded under the American Rescue Plan, the SSBCI Technical Assistance Grant program allows entities to use federal dollars to provide small business owners with technical assistance like webinars, workshops, one-on-one mentoring, job and resource fairs, and community events.
“Small businesses help keep our communities and economy running, but many of the smallest and most underserved businesses face significant barriers accessing capital,” Warner and Kaine said. “Thanks to the American Rescue Plan we passed, Virginia is receiving funding for the SSBCI program to help ensure entrepreneurs across the Commonwealth have the resources they need to access capital and grow their business.”
While the state received $230.4 million in American Rescue Plan funding for the SSBCI program in December of last year, officials said the additional $4.1 million in funding will provide technical assistance to very small and underserved businesses and help them apply for funding from federal programs. VSBFA said the funding could result in 500 pitch applications to the state’s SSBCI capital program and others.