Virginia Small Business Financing Authority (VSBFA) Microloan Program
Virginia Small Business Financing Authority (VSBFA) — Virginia Department of Small Business and Supplier Diversity (SBSD)
$10K-$50K (SWaM); up to $150K
Researched for this program: 4 rejection traps · 6 required documentsWhat decides this award ↓
State microloans with SBDC coaching
A direct small-dollar lending program from the Commonwealth of Virginia for established small businesses, including a SWaM (Small, Women-owned, and Minority-owned) microloan track. The SWaM Microloan offers $10,000 to $50,000, with loan size tied to the owner's personal credit score (up to $25,000 at a 650+ score and up to $50,000 at a 700+ score) and a requirement that the business be in operation for two years. All applicants receive counseling and ongoing support from a Virginia Small Business Development Center (SBDC) as part of the program. A broader Microloan Program extends financing up to roughly $150,000.
- Funding type
- Loan
- Level
- State
- Amount range
- $10,000 – $150,000
- Realistic amount
- Most SWaM microloans land in the $10,000-$50,000 range, gated by the owner's credit score; many first-time borrowers qualify for $25,000 at a 650+ score. Larger draws up to ~$150,000 come through the general Microloan track for stronger applicants.
- Deadline
- Rolling — applications accepted year-round.
- Status
- active
- States
- Virginia
- Payment model
- loan
Who qualifies
- Must be a small business as defined by VSBFA, located in Virginia
- SWaM Microloan: business must be in operation for at least 2 years
- SWaM Microloan loan size is tied to owner personal credit score (up to $25,000 at 650+, up to $50,000 at 700+)
- All applicants must receive counseling from a Virginia Small Business Development Center (SBDC)
- Must demonstrate ability to repay
What it covers
Eligible expenses
- Working capital
- Inventory and supplies
- Equipment and small fixed assets
- Other legitimate business operating needs
Ineligible expenses
- Personal, non-business expenses
- Speculative investments
- Refinancing unrelated personal debt
How to apply
-
1
Connect with a Virginia SBDC
Engage a Virginia Small Business Development Center counselor — required for the program. The SBDC helps prepare your financials and application and provides ongoing support.
~4 hrs
-
2
Complete the Microloan application
Fill out VSBFA's Microloan Program application with business financials, projections, a personal financial statement, and your use of funds.
~5 hrs
-
3
VSBFA review and approval
VSBFA reviews repayment capacity and credit (SWaM loan size keys off the owner's personal credit score) and issues a decision on a rolling basis.
~1 hrs
-
4
Close and receive funds
Execute loan documents; funds disburse to the business. Continue SBDC support during repayment.
~2 hrs
Pull your personal credit before applying — the SWaM cap is literally score-gated ($25K at 650, $50K at 700), so a few months of cleanup can double your loan. The required Virginia SBDC counseling is free; lean on your advisor to package the application, since they know exactly what VSBFA underwriters want to see.
Deadline & timing
No cycle; VSBFA reviews microloan applications on a rolling basis. A Virginia SBDC counseling engagement is part of the process.
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