​​The Virginia Community Economic Network is partnering with Accion - the nation's largest nonprofit provider of microloans - to increase access to capital and credit for Virginia entrepreneurs. By pairing Accion's affordable microloan options with business services provided by local VCEN partner organizations, more Virginians will be able to launch, manage, and grow their small businesses. Entrepreneurs who receive business assistance from our local partners can improve their loan readiness.


LOCAL PARTNERS
Beans & Rice

BizWorks Enterprise Center
Community Investment Collaborative
Greater Richmond SBDC

Hampton Roads SBDC

Hampton University Business Incubator
Loudoun SourceLink

Richmond SCORE
RVA Works

Southeast Rural Community Assistance Program
STOP Inc.
Staunton Creative Community Fund
Virginia Community Capital
VT KnowledgeWorks

Interested in applying? Contact our Accion Representative Fatiha Ainane at (617) 616-1533


Submit an online application HERE

LoanSpot connects Virginia entrepreneurs to financial and business assistance to help them start, manage, and grow their enterprises. 

  • Loan process: 5-10 business days
  • Terms up to 60 months
  • ACH Monthly Payments
  • Interest rates:
    • start at 8.99%
    • average 12.99%
  • 3-5% closing fee or $100 for SBA Micro Loan program
  • No prepayment penalties

For additional resources to help your business visit:

Affordable Financing

A business loan of up to $50,000 for established and profitable businesses that have at least six months of operating revenue:

  • A credit score of 575 or higher
  • Less than $3,000 in past due debt
  • No bankruptcies in the past 12 months
  • No foreclosures in the past 24 months
  • No late payments on your rent/mortgage in the past 12 months


Startup Loans

A $1,000 to $10,000 loan for individuals with a full-time or part-time job who are looking to start a home/incubator-based business or have had a home/incubator-based business for less than six months:

  • ​A credit score of 575 or higher
  • Less than $500 in past due debt
  • No bankruptcies in the past 12 months
  • No foreclosures in the past 24 months
  • No late payments on your rent/mortgage in the past 12 months

Microloans