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Small Business Funding Opportunities with VSBFA - Shared screen with speaker view
Danielle Fitz-Hugh
40:19
yes there will be an audio recording.
Jenn M
40:50
It looks like many counties in VA, including Chesterfield, have not been declared an eligible disaster area by the US Small Business Administration for Disaster Loan Assistance. Does that matter for your loans?
Hunter Leemon
41:17
What about non profits, do they qualify?
Danielle Fitz-Hugh
41:22
That qualification is for SBA loans which are separate from this program.
Jenn M
41:35
ok thank you
Jorge Salgado - eventfull
43:15
Jenn - Richmond and counties are about ot be added to the list.
Jorge Salgado - eventfull
43:20
*to
Ward Currin
43:27
How would a community bank participate in the programs?
Trina Reuben
44:04
is there a down payment requirement for the bank partnership loans?
Jimmy Comer
44:05
For nonprofits, whose credit score will be reviewed, the Executive Director or Board members?
Jenn M
44:10
How are those programs different than what you offer?
Hunter Leemon
44:27
What does the income structure look like in order to be underwritten? Criteria for income?
Jorge Salgado - eventfull
44:52
Is the micro loan only for SWAM certified companies?
Nelson Head
45:00
define project in the cash collateral loan
Billy Dixon
45:13
credit score?
Tia Platte
45:27
define SWAM please
Jorge Salgado - eventfull
45:42
small woman and minority owned business
Tia Platte
46:06
thanks
Jorge Salgado - eventfull
46:11
small, woman owned :)
Eric Glymph
46:43
Does a business have to be SWAM certified in order to apply for the microloan or just meet the eligibility requirements?
Sharone Reid
46:49
Can we discuss the SBA Disaster loan?
Billy Dixon
47:40
is this loan to help with every day expenses and payroll?
Jorge Salgado - eventfull
48:47
Sharone, the SBA loans are dependent on being added to the eligible disaster area list, the governor has made that request. We should be eligible to apply soon. If you'd like, visit my facebook page, I've posted some resources and information publicly.
Wythe Michael
49:48
Is there an annual statewide limit on the amount that can be loaned under the direct micro loan program? In other words, how much total money does the state have available to lend statewide under this program? Given the circumstances there likely will be high demand for this program.
Mike Patel
49:57
Jorge, That is good to hear because over 20 states and DC are already listed on SBA for disaster loan while no VA
Hunter Leemon
50:20
To make sure I understand this, a micro loan is the only program available to non profits.
Rudy Garcia
51:14
so it is not for operating capital?
Jorge Salgado - eventfull
51:18
You are correct Mike, the Governor made that request on the 12th, and the letter was posted yesterday. The SBA agent I spoke with locally here in Richmond said that they are waiting on getting VA on the list and applications can start!
Mike Patel
51:40
This was not for working capital? Then this call was not valid for COVID?
David Saunders
52:04
so it does include working capital?
Billy Dixon
53:07
where and how do we apply?
Gus Horsey
53:31
If you have a current SBA loan with collateral wrapped up in the business property, can these new loans absorb them if qualifying for full amount of old SBA loan?
Paula Graham
53:32
For the childcare financing program, can the loan money be used to pay teachers?
Karen Barrett
53:52
Can you get the micro loan plus disaster relief?
Jenn M
54:02
Jorge - applications cannot be started bc we are not eligible yet. I tried.
Mike Patel
54:13
Jorge, I spoke with SBA and VRLTA and on yesterday's call at 2:00pm the request data was not compiled from effected counties to provide to SBA. A normal Emergency Declaration is not the same, and the Emergency Declaration was on 12th not the SBA portion submission as far as I have been told
Wythe Michael
54:44
Follow up question: Karen said they are still using the funds they have. How much total do they have to lend under the micro loan program
Mike Patel
54:49
SBA would have posted within 4-6 hours any SBA disaster submissions from governors
Mike Patel
55:11
so I am not sure who is correct here because SBA was the source for us both
Tequila Canty
55:13
I’m not sure if this was answered, but how long do we have to pay it back?
David Saunders
55:43
can someone share to application link?
Dale Robinson
55:43
Confused...are not profits that are not SWAM eligible for a microloan of up to $25,000
Jenn M
56:07
What is the difference between this microloan product and what may be available from SBA? And would getting this loan affect your ability to get assistance from SBA?
Karen Barrett
56:40
Can you get the micro loan plus disaster relief?
Gus Horsey
56:48
If you have a current SBA loan with collateral wrapped up in the business property, can these new loans absorb them if qualifying for full amount of old SBA loan?
Mike Patel
56:57
Jenn M., sorry to say but go with SBA first. The microloan is capped at 25K
Jenn M
57:14
Thanks, Mike
Mike Patel
57:21
Gus, might depend on 7a or 504 program?
Jorge Salgado - eventfull
57:31
Here is the link for the SBA declaration from the Governor's office... it will open and download a PDF: https://www.governor.virginia.gov/media/governorvirginiagov/governor-of-virginia/pdf/SBA-Disaster-Declaration-Request.pdf
Mike Patel
57:58
THANK YOU JORGE!
Billy Dixon
58:14
how long to pay back collateral loan?
Jorge Salgado - eventfull
58:25
Jenn - You are correct, until we are added, then applications can happen.
Mike Patel
58:37
Jorge, that was dated just yesterday the 18th not the 12th. So like you said hopefully will be on SBA site SOON!
Jenn M
58:39
Thanks, Jorge.
Jorge Salgado - eventfull
59:25
If you look below, he declared it on the 12th, but looks like the letter was submitted on the 18th. Hopefully soon!!
Mike Patel
59:52
I learned more from the chat then the video
Mike Patel
59:58
sorry to say.
Jenn M
59:58
Is the SBA disaster relief a loan?
Mike Patel
01:00:09
yes Jenn M.
Mike Patel
01:00:26
Register now for an account now while waiting for SBA listing of VA
Mike Patel
01:00:48
then you can attach your account to the VA listing to apply for Disaster loan
Jorge Salgado - eventfull
01:01:01
Micro loan question - what are the repayment terms...length of loan?
Mark Bowen
01:01:08
www.sbsd.va.gov correct?
Jorge Salgado - eventfull
01:01:22
Thank you!
Jenn M
01:01:23
Thanks, Mike. I have done that.
Jenn M
01:01:39
Jorge - 48 months
Jenn M
01:01:54
Thank you for this call, very helpful!
Mike Patel
01:01:58
Thank you everyone!!
Mike Patel
01:02:02
mpatel@saihotelgroup.net
Jorge Salgado - eventfull
01:02:12
Yes, thank you so much for this call, very helpful.
Mark Bowen
01:02:15
Thank you Danielle and Karen and Howard.
Karen Barrett
01:02:24
Thank you for all of the good information
Jorge Salgado - eventfull
01:02:28
Thanks Mike, Jenn!
Iris Woodson
01:02:28
www.sbsd.virginia.gov
Jorge Salgado - eventfull
01:02:39
Super helpful, thank you!!
Mike Patel
01:02:41
Thank you Danielle and Karen!
Mark Bowen
01:02:43
Thanks Iris.
Billy Dixon
01:02:46
thanks
Heather Fritz
01:02:46
Thank you!
Stefen Williams
01:02:47
Thank you