About this programme
The Microloan Program is run by the Virginia Small Business Financing Authority (VSBFA), part of the Virginia Department of Small Business and Supplier Diversity. It is a direct loan from VSBFA to the business, meaning it does not require a bank to participate in the transaction.
The program helps small businesses cover startup costs, expansion, equipment purchases and working capital needs, up to $150,000.
How it works
The loan is repaid over 5 to 7 years, with automatic monthly withdrawals from the borrower's bank account.
Funds can go toward business acquisition, equipment and fixed asset purchases, and working capital. They cannot be used for construction, non-owner-occupied real estate, or to refinance existing debt.
Applicants complete an eligibility check, decide how the funds will be used, review the loan terms, then submit the Microloan Application and a Personal Financial Statement along with a $150 non-refundable application fee.
Who can apply
Business must be an active Virginia business in good standing with the State Corporation Commission.
Applicant must have a credit score of 650 or higher.
Business must meet at least one of: annual revenue of $10 million or less over the past 3 years, net worth of $2 million or less, or fewer than 250 employees.
How to apply
- Complete an eligibility verification.
- Determine how the loan funds will be used.
- Review the loan terms.
- Submit the Microloan Application and a Personal Financial Statement.
- Pay the $150 non-refundable application fee.
Documents you’ll typically need
- Microloan Application
- Personal Financial Statement
Frequently asked
Do I need a bank to get this loan?
No. It is a direct loan from VSBFA to the business and does not require a bank's participation.
How much can I borrow and over what term?
Up to $150,000, repaid over 5 to 7 years via automatic monthly withdrawals from your bank account.
What credit score do I need?
A credit score of 650 or higher.
Is there an application fee?
Yes, a $150 non-refundable application fee.
What can't the loan be used for?
Construction, non-owner-occupied real estate, or refinancing existing debt.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.