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SourceLink Virginia
has partnered with Accion US
 - the nation's largest nonprofit provider of business microloans - to increase access to capital and credit for Virginia entrepreneurs. Our initiative connects Virginians to financial and business development assistance to help them start, manage, and grow their small businesses. Particular attention is being given to under-served markets around the state. 



LOCAL PARTNERSvtkwstreetscape
Beans & Rice (Pulaski)
BizWorks Enterprise Center (Chesterfield)
Community Investment Collaborative (Charlottesville)
Greater Richmond SBDC 
Hampton Roads SBDC 
Hampton University Business Incubator
Loudoun SourceLink
Richmond SCORE
RVA Works (Richmond)
Southeast Rural Community Assistance Program (Statewide)
STOP Inc. (Hampton Roads)
Staunton Creative Community Fund
Virginia Community Capital (Statewide)
VT KnowledgeWorks (Blacksburg)



Microloans

A business loan of up to $50,000 for established and profitable businesses that have at least six months of operating revenue:

  • A credit score of 575 or higher
  • Less than $3,000 in past due debt
  • No bankruptcies in the past 12 months
  • No foreclosures in the past 24 months
  • No late payments on your rent/mortgage in the past 12 months


Sprout Loans

A $1,000 to $10,000 loan for individuals with a full-time or part-time job who want to start a home-based or incubator-based business or have been in business for less than six months:

  • A credit score of 575 or higher
  • Less than $500 in past due debt
  • No bankruptcies in the past 12 months
  • No foreclosures in the past 24 months
  • No late payments on your rent/mortgage in the past 12 months


Affordable Financing

  • Loan process: 5-10 business days
  • Terms up to 60 months
  • ACH Monthly Payments
  • Interest rates start at 8.99% and average 12.99%
  • 3-5% closing fee or $100 for SBA Micro Loan program
  • No prepayment penalties

 


Interested in Applying?

1) Contact Accion Representative, Fatiha Ainane, at (617) 616-1533
2) Submit an online application HERE