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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. About the VDBA | Virginia Business Information Center | Small Business Development |
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