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SWaM Forms and Governing Regulations

The SWaM certification program is administered by the Virginia Department of Small Business and Supplier Diversity (“DSBSD”) and is the Commonwealth of Virginia’s effort to help small, women- and minority-owned businesses with doing business with state government entities.
Applicants to the SWaM certification program must complete the on-line application for certification and provide the required documents with the application to be considered for certification as a Small, Women- or Minority-owned Business.

Key Laws and Regulations:

Chapter 20. Regulations to Govern the Certification of Small, Women-Owned, and Minority-Owned Businesses
http://law.lis.virginia.gov/admincode/title7/agency13/chapter20/

Chapter 16.1. Department of Small Business and Supplier Diversity
http://law.lis.virginia.gov/vacode/title2.2/chapter16.1/

2.2-1604. Definitions 

2.2-1605. Powers and duties of Department

2.2-1606. 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.

Grant Programs

Important Application Update:

 The application period for the Small Business Investment Grant
Program
Fiscal Year 2021
will open Wednesday, July 15, 2020.

Please Note:
There are two applications. A small business must apply and be approved as an eligible small business. Investors that have made a qualified investment into an eligible small business must make application separately. Both the small business and the investment made into the small business must be approved in order to receive a grant award.

Applications will be available on this website on or before July 15, 2020. For the Fiscal Year 2021, both the business and investor(s) can submit applications simultaneously.

Only complete applications will be accepted and applications
will be processed in the order of their receipt
.

An application is deemed complete when both an investor application and a business application are received along with all the required documentation (as stated on the application form).

Due to COVID 19, please expect delays in processing and approvals of these applications. We appreciate your patience as our staff is working remotely.

  • VSBFA will acknowledge receipt of applications. This notification may take up to 10 business days.
  • It is highly recommended that applications be electronically submitted due to potential delays in physical mail delivery.
  • VSBFA will begin review of FY21 applications after August 3, 2020. After this time, VSBFA will contact applicants with any questions.
  • Approval notifications will begin after August 31, 2020, with disbursements of the grant awards following within 30 to 60 days.
  • VSBFA establishes the “Application Period” which generally runs 30 to 45 days and is communicated via the website. VSBFA may extend or re-open an application period if, after a review unallocated money remains in the Fund.

Grants are awarded in the order of receipt, on a first come-first serve basis, according to the date an application is deemed complete at the sole discretion of the VSBFA.

For more information please see the Small Business Investment Grant Program Information sheet below.

 

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