Virginia to receive $230 million in federal funds for small business and entrepreneurs

Published: Dec. 6, 2022 at 6:37 PM EST
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WASHINGTON, DC. (WDBJ) - Virginia is set to receive $230 million from the federal government to help small businesses and entrepreneurs, including those in underserved communities.

The Treasury Department announced Virginia’s share of the funding, which will come to the state because of the American Rescue Plan Act.

During an online briefing Tuesday morning, US Sen. Tim Kaine (D-Virginia) said the funding will give small businesses better access to loans and investment capital.

“There are hubs of big equity investments in this country, Silicon Valley and New York City, but often those hubs of equity investments don’t percolate down to the Petersburgs and the Roanokes and the Portsmouths and the Richmonds,” Kaine told reporters. “And they need to.”

$57 million will go toward loans for eligible small businesses.

$173 million will provide investment for tech start-ups, Virginia venture capital firms and entrepreneurs from underserved communities.