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Virginia Governor L. Douglas Wilder announced last week that the Virginia Small Business Financing Authority (VSBFA) will expand it$ Loan Guaranty Program to assisj Virginia companies by raising the maximum guaranty amount $250,000. :»
“The expansion of this prograiti allows more companies to access the financing they need to grow and succeed,” said Governor WUder. “The success of small to medium-sized companies is critical to the economic well-being of the Commonwealth.”
The Loan Guaranty Program provides a 50 percent guaranty of a one-year revolving line of credit or a term loan of up to three years in deration, extended by a commercial bank. The increase in the maximum guaranty amount allows companies with larger credit needs, whicS otherwise might not have been abld to obtain financing, to utlize the proi gram. With the maximum guaranty amount previously limited to $150,000, the program was typically utilized by companies with credit needs of $300,000 or less. *
Growing companies often do not meet current underwriting require! ments established by commercial banks because they lack adequate collateral or sufficient operating his* . tory. I
87.5%