Governor Tim Kaine has authorized the state to guarantee a total of $3 million in existing small business loans for Virginia businesses. The Virginia Small Business Financing Authority quickly approved a new program to work with banks and guarantee existing loans of up to $500,000 on the condition that banks loosen some of the terms… Read more »
small business loans
More SBA-backed loans in Virginia going into default
The number of delinquent Small Business Administration-insured loans in Virginia is rising. Last week BizSense reported that bankruptcy filings for businesses and individuals is rising in Richmond. The SBA could not provide statistics in time for that story, but we have them now for the state of Virginia. Fiscal Year: $ of purchased loans #… Read more »
Business loans harder to get
Bankers are taking longer to issue business loans and asking for more collateral when they do issue them, according to bankers around Richmond. Even companies with solid credit and long-established relationships are having more trouble getting financing, which is an essential ingredient for growth. The number of loan requests, meanwhile, is also falling. “Entrepreneurs feel… Read more »