New nonprofit partnership aims to support Virginia entrepreneurs.
Could Your Business Benefit from a Microloan?
More small businesses in Virginia will now have access to microloans, thanks to a new partnership between Accion and the Virginia Community Economic Network.
Accion grants loans of $1,000 to $50,000 to small businesses already, but this range is often overlooked for startups or growing small businesses. In 2015, the Richmond Times-Dispatch reports, Accion made 20 loans—at an average of $9,000—and received more than 360 applications. Since the group’s start in 1991, Accion East has given $154 million in capital investment to small business owners, helping to create or sustain 96,800 jobs.
By partnering with the Virginia Community Economic Network, Accion’s resources and support services will be made available via the VCEN website,
So far, this collaboration project will be focused on target regions, such as central Virginia, Hampton Roads and the Interstate 81 corridor, but if the initial phase is successful, it will be expanded statewide.