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SBA authorizes two new Community Advantage lenders to lend to underserved markets in Virginia

Release Date: 
Thursday, February 27, 2014
Release Number: 
14-9
Advisory Date: 
Thursday, February 27, 2014
Contact: 
Matthew Nowak | matthew.nowak@sba.gov | 804-307-1458

Release Date:  February 26, 2014                               Contact: Matthew Nowak, (804) 307-1458

Release Number: 14-9                                                            E-mail Address: matthew.nowak@sba.gov

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SBA authorizes two new Community Advantage lenders to lend to underserved markets in Virginia

 

Richmond, Va. – The Small Business Administration has authorized two new Community Advantage  lenders to provide loans up to $250,000 to underserved small businesses and prospective business owners in Virginia.

“This is enormous opportunity to those firms that have little access or now access to capital or credit to fulfill their dreams,” said Acting Richmond District Office Director Jacqueline West. “It is also an opportunity for firms to create jobs using this program.”

Local Initiatives Support Corporation and Business Finance Group, Inc. are two lenders that were recently authorized to make loans under the CA program. LISC is targeting the Richmond and Petersburg area and Business Finance Group covers all of Virginia.

Loans can be used to finance working capital, inventory, equipment, business acquisitions, acquisition or construction of owner-occupied commercial real estate, and tenant improvements.

Community Advantage is a pilot loan program introduced by the U.S. Small Business Administration to meet the credit, management, and technical assistance needs of small businesses in underserved markets. CA is designed to provide mission-oriented lenders, primarily nonprofit financial intermediaries focused on economic development, access to 7(a) loan guaranties for loans of $250,000 or less.

Underserved markets are Low-to-Moderate Income communities, businesses where more than 50% of their full time workforce is low-income or resides in LMI census tracts, Empowerment Zones and Enterprise Communities, HUBZones, new businesses (firms in business for no more than two years), and veteran-owned businesses.

 

Business Finance Group, Inc. is located at 3930 Pender Drive, Suite 300 Fairfax, VA 22030. The point of contact is Amy Rowan at (703)352-5049 or email at arowan@businessfinancegroup.org. Their website is http://www.businessfinancegroup.org.

 

For loan information from Local Initiatives Support Corporation contact Virginia LISC Loan Officer John Bolton at (804) 358-7602, ext. 16 or by email at jbolton@lisc.org.

 

For more information about SBA’s Community Advantage program visit http://www.sba.gov/content/community-advantage.

 

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Related State: 
Virginia
Attachments Size
14-9 SBANR NewCommunityadvantage.doc 114Kb