|Funding helps provide additional resources for Governor Youngkin’s vision of an innovation economy and stated goal of 10,000 new start-ups across the Commonwealth
RICHMOND, VA – Governor Glenn Youngkin announced today that Virginia has been approved for up to $230 million by the federal U.S. Department of the Treasury under the State Small Business Credit Initiative (SSBCI) program to accelerate the formation and growth of entrepreneurial businesses across the Commonwealth. The credit lending and early-stage equity financing programs available through SSBCI will provide Virginia-based businesses with increased access to both public and private capital, especially around under-represented communities and entrepreneurs.
“Start-ups and small businesses are critical to our future and job creation. This initiative will expand our existing funding programs for companies with high potential for rapid growth and significant economic development,” said Governor Glenn Youngkin. “We must have an economy that encourages innovation and entrepreneurship across the Commonwealth because new businesses create opportunities that lift up all Virginians.”
Virginia’s allocated SSBCI funding is expected to catalyze up to 10x of private investment for every $1 of SSBCI invested capital deployed. The Virginia Small Business Financing Authority (VSBFA) will offer expanded credit support and Technical Assistance to small businesses through the SSBCI program. The Virginia Innovation Partnership Corporation (VIPC) will co-invest equity alongside matching private capital in Virginia’s leading start-ups, explore opportunities in emerging sectors vital to Virginia’s future, and support other organizations within Virginia’s entrepreneurial ecosystem. The aggregate SSBCI funds will be disbursed in three separate tranches based on the achievement of specific criteria objectives.
Read the full press release and announcement here: https://www.governor.virginia.gov/newsroom/news-releases/2022/december/name-944730-en.html
For Immediate Release: December 6, 2022
Contacts: Office of the Governor: Macaulay Porter, Macaulay.Porter@governor.virginia.gov