Economic Development Loan Fund (EDLF)
With funding from the federal Economic Development Administration, the Economic
Development Loan Fund (EDLF) is designed to fill the financing gap between
private debt financing and private equity. Funds are available to economic
development authorities and qualifying new and expanding businesses that
are creating new jobs or saving “at risk” jobs in qualified
underserved and distressed areas of Virginia as defined by the EDA. Funds
are also available to Virginia businesses which derive 15% or more of their
revenues from defense-dependent activities and can demonstrate economic
hardship related to defense downsizing.
Funds can be used for the acquisition of land and buildings, construction
or improvements to facilities and the purchase of machinery and equipment.
Funds can also be used to assist defense-dependent businesses transition
to private sector markets. The maximum loan available from the EDLF for
each project is limited to $1,000,000 or 40% of the total project cost,
whichever is less. Applicants must complete the EDLF application and submit
it, along with all required attachments, to the VSBFA for consideration.
An application fee of $500 must accompany the application.
Click here
for an EDLF Fact Sheet in a printer friendly format.
Click here for an EDLF Application.
