Top Small Business Grants in Virginia

If you’re a small business owner in Virginia, no matter what stage your company is at, there will probably be funding available to you. Virginia small businesses may have access to grants designed to support startups, expansion, innovation, job creation, and economic development, among other goals. Explore some of the grant programs available to eligible Virginia businesses, along with tips for applying and alternative funding options.

Small Business Grants in Virginia

Grants can be an appealing source of funding for a small business because they generally don’t have to be repaid. However, grant programs can have specific eligibility requirements, funding priorities and application deadlines. Here are some Virginia grant programs that small business owners may want to explore.

Virginia Community Business Launch (CBL) Grant

The Community Business Launch (CBL) is an entrepreneurial development program for startups and expanding businesses. Local programs train entrepreneurs and small business owners in planning practices for small businesses. And at the end of the training, participants can pitch their business ideas in front of a panel of judges for a chance to win grant funding and support services.

Growth and Opportunity (GO) Virginia Growth Grants

GO Virginia is an economic development initiative that encourages collaboration among private industry, higher education, and local governments in the state. The aim of the program is to grow and diversify regional economies.

Eligible applicants for Go Virginia grants must be local governments and/or organizations working on their behalf, such as regional economic development organizations, nonprofits, planning district commissions, colleges, and universities.

Virginia Innovation Partnership Corporation (VIPC) Programs

VIPC Launch Grants provide funding to high-potential startups that demonstrate strong potential for economic impact in Virginia but have yet to raise a lot of equity or generate much revenue.

In particular, the VIPC’s Lab-to-Launch initiative provides grants of up to $50,000 to early-stage, Virginia-based startups that are using a Fast-Track License Agreement with one of six Virginia universities, including University of Virginia, Virginia Tech, Virginia Commonwealth University, George Mason University, Old Dominion University, and William and Mary.

Recommended: Small Business Grants for Minorities

Do You Have to Pay Back a Small Business Grant?

Grants are usually provided as debt-free funding, so, typically, you don’t need to pay them back. That said, grants are often provided with a funding agreement, and if you’re found to have broken the rules of this agreement, you might be asked to repay the grant amount.

Loans, as opposed to grants, provide money that must usually be repaid, often at regular intervals over a set period of time — and with interest.

How to Apply for Small Business Grants in Virginia

To apply for small business grants in Virginia, you may want to start by identifying grants that meet your needs and for which you meet all the eligibility requirements. Every grant is different, but once you’ve identified the good fits, there are several typical next steps to keep in mind.

Documents and Requirements

When you’re applying for a grant, you’ll likely need to provide your business plan outlining your intended use of the funds, financial projections, and perhaps the impact you expect to have on your community. Gather your financial documents as well, including bank statements, tax returns, and profit and loss statements. Additionally, be ready to provide any required legal documentation, such as your business license.

You’ll also probably have to write a grant proposal. In it, you may need to outline how you plan to use the grant money, how you plan to succeed with your project, and an explanation of how your project aligns with the grantmaker’s mission.

Submission Deadlines and Application Tips

Submit your grant proposal and any requirement documents by or before the stated deadline (if there is one). It can be a good idea to follow up to make sure your application was received and to find out if there are any missing materials you need to provide.

Who Is Eligible for Virginia Small Business Grants?

Every grant has its own criteria, so it’s key to look closely at the specific terms of any grant you’re interested in. Generally speaking, however, in order to be eligible for Virginia small business grants, a business must be physically located in the state, fall under certain revenue limits, and operate with a small team of employees.

Virginia Resources for SMB Owners Looking for Funding

Knowing where to look for funding isn’t always easy. Small business owners in Virginia don’t have to go it alone, as there are several valuable resources they can turn to.

Virginia Small Business Development Center (VASBDC)

The Virginia Small Business Development Center is a program that offers region-specific guidance to small businesses operating in the state, including startups and established businesses. The program operates out of offices hosted by colleges, universities, and local chambers of commerce. It provides services such as business advising, help writing business plans, financial analysis, and help finding access to funding.

SBA District Office in Virginia

The U.S. Small Business Administration (SBA) provides support to entrepreneurs through counseling and training and through funding programs, including SBA loans.

The SBA local office in Virginia provides support to small businesses in the state. Virginia’s SBA district office is located in Richmond.

SCORE Mentorship Programs in Virginia

SCORE (which originally stood for the Service Corps of Retired Entrepreneurs) is a partner of the SBA. This free resource pairs small business owners in Virginia with experienced business owners who can provide guidance on every point in a business’s development, from planning to small business loans to operations to exit strategies.

Alternative Funding Sources for Small Businesses in Virginia

While grants are an important source of funding, small businesses in Virginia may look to other startup funding options as sources of capital. Below are some options.

Recommended: Small Business Loans in Virginia

Virginia State Small Business Credit Initiative (SSBCI)

The Virginia SSBCI draws on federal funding to support small businesses through an array of credit and investment options, including Virginia Venture Partners Direct and Indirect Investments and loan and capital access through the Virginia Small Business Finance Authority (VSBFA) and Virginia Small Business and Supplier Diversity (SBSD).

Virginia Microloan Lenders

The VSBFA offers direct microloans to small businesses. These microloans don’t require borrowers to go through a bank as an intermediary.

SBA Loans for Virginia Businesses

SBA loans are small business loans offered through traditional financial institutions. However, they are generally partly backed by the SBA. This guarantee allows lenders to offer loans that may be easier to qualify for, carry lower interest rates, and have longer repayment terms.

Virginia SMB Loans from Private Lenders

Private lenders may also offer small business loans themselves. Because these lenders assume the full risk for the loan, these loans may be more difficult to qualify for, their interest rates may be higher, and their loan terms may be stricter.

Business Lines of Credit & Equipment Financing

Small businesses may also look to other kinds of financing for specific uses. Here are two common options.

A business line of credit is a form of revolving credit that allows you to borrow up to a certain limit. As you repay the money you’ve withdrawn, the amount you can borrow is replenished. This can be a good tool for businesses looking to cover short-term costs, bridge gaps in cash flow, or pay for unexpected expenses.

Equipment financing loans are designed specifically to help businesses pay for new equipment. The loans use the equipment as collateral, so interest rates and terms may be more favorable.

The Takeaway

Grants for small businesses in Virginia can provide valuable funding for Virginia companies, usually without requiring repayment. However, they often come with specific eligibility rules, application requirements, and restrictions on how the funds can be used. If a grant isn’t the right fit — or isn’t available when you need funding — you might consider other financing options, including microloans, SBA-backed loans, lines of credit, or equipment financing. The right source of capital will depend on how much you need, what you plan to use it for, and your business’s ability to repay it, if necessary.

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FAQ

How do you get a small business grant in Virginia?

To receive a business grant in Virginia, research available grants, make sure you’re eligible, and apply, providing the materials required by the grant on or before the deadline.

How hard is it to get a business loan in Virginia?

Getting a business loan in Virginia — and how easy the process will be — will depend largely on how much you’re looking to borrow, what you plan to use the funds for, your business plan, your ability to repay the loan, and how long you’ve been in business.

What is the easiest SBA loan to get approved for?

SBA microloans, which offer business loans of $50,000 or less, are generally the easiest SBA loans to qualify for. In part that’s because they’re specifically designed for businesses that are just getting off the ground.

Are there specific grants for women or minority business owners in Virginia?

Yes, there are grants for small businesses in Virginia that are designed specifically for women and minority business owners, many of which are operated through the Virginia Department of Small Business and Supplier Diversity.

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Photo credit: iStock/Eli Wilson

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