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SWaM Forms and Governing Regulations

Key Laws and Regulations:

Regulations (Virginia Administrative Code)

http://law.lis.virginia.gov/admincode/title7/agency13/chapter20/

 

Code of Virginia:  Laws that Govern Certification

http://law.lis.virginia.gov/vacode/title2.2/chapter16.1/

Definitions

Powers and duties of Department

Powers of Director

 

 

Disadvantaged Business Enterprise Forms

Virginia Small Business Financing Authority (VSBFA) Forms

Direct Loan Programs

Economic Development Loan Fund

A companion loan for fixed asset financing needs designed to fill the financing gap between the bank’s loan and private equity. In these transactions, the business client has two loans, one from the bank and one from the VSBFA. Where warranted, the VSBFA will consider being in a subordinate position to the bank and can sometimes offer more flexible terms in order to help the business’ temporary cash flow needs.

SWaM Business Loan Fund

This is a direct loan from the VSBFA to the business client that does not require a bank’s participation in the transaction. It is an ideal tool for bankers who are faced with business loan requests for very small amounts where the bank would prefer to refer the client to an alternative source of funds.

Child Care Financing Program

This is a direct loan from the VSBFA to a child care center or a family home provider. Bank participation is not required, though often times the bank will provide financing for the center’s land and building and the VSBFA can provide a loan for the other necessary items the center needs such as cots, fencing, playground equipment, buses, etc.

Credit Enhancement Programs

SSBCI Cash Collateral Program

Most typically used in those situations where the business loan applicant has the demonstrated ability to cash flow the debt, but the collateral coverage is insufficient for the bank’s normal underwriting standards.  This program can be used for lines of credit or term loans.

Loan Guaranty Program

This is a traditional deficiency guaranty of a bank loan. It can be used for lines of credit or term loans any time the bank believes it needs additional support in order to approve a business loan request.

SSBCI Capital Access Program

This program provides loan loss insurance to a bank to cover a portfolio of enrolled loans. It is designed to be a quick, efficient means of obtaining a credit enhancement from the VSBFA. Under most circumstances, the bank determines whether or not a loan will be enrolled in the program without VSBFA’s involvement.

Bond Programs

Private Activity Bond Issuances for Qualifying Manufacturers & 501(c) (3) Non-Profits

For those manufacturers and 501 (c) (3) non-profits which qualify for tax-exempt financing. Business owners who are unsure as to whether their business and their financing need qualify for tax-exempt bond financing should contact a qualified bond attorney before applying. Most local economic and industrial development authorities can issue bonds as well.

Address:
101 N. 14th Street, 11th Floor Richmond, VA 23219
Phone:
1(804) 786-6585
Email:
sbsd@sbsd.virginia.gov
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