This website was developed in order to make both commercial lenders and borrowers more cognizant of the respective needs of both groups. All too often, prospective small business borrowers approach a financial institution, bank or credit union, and are not prepared to answer questions that the loan officer needs to have answered. The old adage, “You only get one chance to make a good first impression” comes to mind. An ill-prepared borrower will only find rejection which leads to frustration. Similarly, lenders, who have an intimate knowledge of the borrowing process, sometime overlook the fact that the borrower may not have this same knowledge. www.hrsmallbizloans.com is a site that both prospective borrowers and lenders can use to better communicate with one another. It provides an overview of what sorts of information will be required by the lender while, at the same time, provides information to borrowers about the details of the small business lending process.
757 Angels is a catalyst to help build the Hampton Roads economy which consists of a select network of regional business leaders who provide investment capital, strategic advice and mentoring to selected start-ups and early-stage companies to help them achieve market leadership. 757 Angels is a clearinghouse for presenting quality Hampton Roads startup & early stage investment opportunities requiring funding in the $100,000 to $3,000,000 range to its membership, a broad base of angel investors, in order to enhance the growth of successful new businesses in Hampton Roads.
Tidewater Business Financing Corporation (TBFC) is a non-profit corporation formed in 1983 to promote commercial and industrial growth throughout Virginia and Eastern North Carolina and serves as a resource for small businesses in need of permanent financing to acquire fixed assets. TBFC is certified by the U.S. Small Business Administration to provide permanent financing through the SBA 504 Loan program and provides long-term financing at competitive interest rates for the purchase of fixed assets including land, buildings, and heavy equipment. Over the past 31 years, TBFC has loaned more than $200 million enabling 500 small businesses to expand and prosper.
The Virginia Small Business Financing Authority (VSBFA) is the Commonwealth’s economic development and business financing arm. This Authority assists banks in making loans to businesses that can demonstrate repayment ability, but where the bank needs additional collateral support or a more robust secondary repayment source. It helps by providing: cash collateral, subordinate companion loans, guaranties and loan loss reserves. Throughout its nearly 30-year history, the Authority has helped many of Virginia’s banks increase their commercial loan portfolios while reducing their credit risk.
LoanSpot connects Virginia entrepreneurs to financial and business assitance to help them start, manage, and grow their enterprises.