WHO ARE WE? Experienced commercial lenders, all with many years working for commercial banks
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2 WHO ARE WE? Experienced commercial lenders, all with many years working for commercial banks Professionals willing to talk to you about a business loan transaction before you ever have to fill out a piece of paper We are committed to making the process streamlined, efficient, non-bureaucratic We strive to be timely, creative, honest, & direct in our responses back to you
3 WE COMPLIMENT, WE DON T COMPETE (with financial institutions) The VSBFA works in partnership with banks & credit unions to provide loans to businesses in support of Virginia s economic development efforts. We fulfill this role by providing credit enhancements to banks in the form of loan participations, cash collateral, loan guaranties, and loan loss insurance programs. We provide benefit by mitigating bank credit risk and covering the collateral shortfall. We provide benefit to Virginia s businesses by addressing a fundamental need for business growth: Access to Capital.
4 VSBFA Key Drivers 5 C s of Credit (character, capacity, capital, conditions, & collateral) Sufficient cash flow to repay debt Job Creation Economic benefit to the Commonwealth Leveraging Public Funds with Private Funds (Private Debt + Private Equity)
5 VSBFA PROGRAMS ARE NOT DESIGNED TO bail out financially troubled companies. Unfortunately, by then, it is too late. replace an owner s need for equity. Owners must have skin in the game. be cheaper than financial institution loans. Sometimes we are; but, our purpose is not to compete with, but to compliment the private sector s ability to provide business loans by offsetting some of the lender s collateral risk.
6 ECONOMIC DEVELOPMENT LOAN FUND (Companion Loan Program) This is our primary economic development financing tool Fixed asset financing (some permanent working capital allowed) We bridge the gap between bank loan and the borrower s equity Typically, a 50/40/10 division VSBFA s portion is subordinate to the bank s and usually priced a bit lower than the bank portion, giving the borrower a slightly lower than market rate on a blended basis Total fees: $500 application fee (No other fees!) Applicant business must meet VSBFA definition of small business, demonstrate repayment ability and the loan purpose should provide for economic benefit to Virginia VSBFA s portion of a loan typically ranges from $50K - $2MM; VSBFA avg. loan size: $482K
7 LOAN GUARANTY PROGRAM VSBFA deficiency guaranties provided to applicant financial institutions to support their almost bankable business loans Applicant business must demonstrate repayment ability and the loan purpose should provide for economic benefit to Virginia Pool of funds & state backing support the guaranties up to $10MM aggregate limit Guaranties will support loans for any business purpose except passive real estate investment and a change in ownership Avg. loan size: $236K
8 SSBCI CASH COLLATERAL PROGRAM New! Cash placed on deposit at the bank that is originating the loan VSBFA will cover the collateral shortfall, up to 40% of the outstanding loan amount (up to $500,000), whichever is less Bank sets terms and interest rate and schedules closing using its standard documentation For any loans enrolled in this program in 2013, the initial first year fee is waived (Normally, there is a 1.5% one-time fee) There is a $200 application fee Maximum program enrollment of 5 years for term loans and 3 years for lines of credit
9 SSBCI CASH COLLATERAL PROGRAM Examples of Eligible Uses Equipment Expansions or renovations Working capital Leasehold improvements Commercial real estate Rolling stock Refinancing of another bank s debt Financing a timing gap in a SBA 504 loan pending the sale of the debenture
10 SMALL BUSINESS MICRO LOAN PROGRAM Direct loans up to $10,000 to finance any business purpose except passive real estate investment and a change in ownership. Applicant can apply for up to $25,000 if referred by a Small Business Development Center. Applicant must have been in business for at least 2 years. VSBFA can be sole lender. Approval based on credit score of guarantors (650 minimum); blanket lien on business assets. Avg. loan size: $19K
11 PROGRAMS ADMINISTERED FOR OTHER STATE AGENCIES Dept. of Social Services Child Care Financing Program (direct loan from VSBFA) Dept. of Minority Business Enterprise P.A.C.E. Capital Access Program (requires a participating bank) Tobacco Commission TCAP Capital Access Program (requires a participating bank) Dept. of Environmental Quality Environmental Compliance Assistance Fund (direct loan from VSBFA)
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