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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. The LoanSpotVA 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 PARTNERS
Beans & Rice (New River Valley)
BizWorks Enterprise Center (Greater Richmond)
Community Investment Collaborative (Charlottesville)
Enterprise Virginia (Tri-Cities & Southside)
Hampton Roads SBDC 
Loudoun SmallBiz
Richmond SCORE
Southeast Rural Community Assistance Program (Roanoke Valley)
Staunton Creative Community Fund (Shenandoah Valley)
Virginia Community Capital (Statewide)



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Accion offers two main products - Microloans and Sprout Loans:

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 an Accion Loan Consultant at (617) 616-1533
2) Submit an online application HERE