Financing
The BDC offers two loan programs through the Revolving Loan Fund and the Microloan Fund.
Revolving Loan Fund
- Funds provided by the EDA, U.S. Department of Commerce and the City of Lynchburg
- Gap financing is provided in partnership with private lenders to finance the total project under consideration.
- Private lenders or banks must provide at least 51% of financing, while the borrower must provide a minimum of 10% equity.
- Loans range from $5,000-$125,000 depending upon availability, with a fixed rate of interest.
- Program is designed to create and/or retain jobs in our economic area.
Microloan Fund
- Funds provided by the City of Lynchburg, the Virginia Department of Housing and Community Development, and the U.S. Small Business Administration.
- Targets for-profit businesses, which qualify as a microenterprise operation. Microenterprise is a business with five or fewer employees.
- Eligible businesses must be located in Central Virginia.
- Borrowers are required to complete the 6-week Self Employment Training Program. Loans range from $50-$35,000 with a fixed rate of interest.
