WASHINGTON D.C. (WFXR)—Virginian U.S. Senators Mark Warner and Time Kaine announced they secured $4.1 million in federal funding to help small businesses across the state on Monday, Nov. 27.
The funding was awarded under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program. The funding was awarded to the Virginia Small Business Financing Authority (VSBFA) to help small businesses access capital.
The funding will specifically provide small business owners with technical assistance like webinars, workshops, one-on-one mentoring, job and resource fairs, and community events. The funding will also help ensure very small and underserved businesses receive technical assistance to assist them in applying for funding through this and other federal programs.
“Small businesses help keep our communities and economy running, but many of the smallest and most underserved businesses face significant barriers accessing capital,” said the senators. “Thanks to the American Rescue Plan we passed, Virginia is receiving funding for the SSBCI program to help ensure entrepreneurs across the Commonwealth have the resources they need to access capital and grow their business.”
The VSBFA anticipates providing technical assistance to 1,000 beneficiaries, resulting in 500 pitch applications submitted to the state’s SSBCI capital programs and other federal programs.