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Blog | 5 min read
Small business funding across the Richmond Region grows
September 15, 2026
When starting or expanding a business, one of the greatest obstacles entrepreneurs often face is securing access to capital, especially without collateral or a long credit history. Traditional lenders often turn away promising businesses simply because they haven’t been operating long enough, don’t have significant assets to use as security or fall outside the criteria banks typically require. Thanks to partnerships bringing accessible, nonprofit lending options directly to the region, entrepreneurs across Greater Richmond now have another path to the funding they need to launch, grow and sustain their businesses.
What’s new: Henrico EDA & Kiva
The Henrico Economic Development Authority (EDA) is the newest trustee of Kiva, a global nonprofit microloan platform driven by crowdfunding. Now local businesses have another resource to help them take their next leap.
Through Kiva, entrepreneurs have access to zero interest and fee-free microloans ranging from $1,000 to $15,000, with flexible repayment terms of 12 to 36 months. Unlike traditional bank financing, which often relies heavily on strict underwriting and collateral, Kiva uses community-backed social lending and underwriting to help entrepreneurs access capital.
Henrico EDA’s commitment to broadening economic opportunities is clearer than ever following its official appointment as a Kiva trustee. While Henrico EDA is not the direct lender, it serves as a local guide and advocate for small business owners.
Why apply with a Henrico EDA endorsement?
- Higher funding caps: Borrowers qualify for up to $1,000 more in total loans.
- Priority processing: Application reviews are expedited through Kiva’s pipeline.
- Public endorsement: Campaigns can display an official Henrico EDA trustee endorsement banner.
This partnership has already created a tangible impact on local entrepreneurs. As Dr. Ashlee Goodman-Tabari of A-Z Dental Art Studio shared, “The funding allowed me to purchase new dental equipment, expand our capacity to serve more patients and create opportunities to hire additional staff.”
Additional funding resources for local entrepreneurs
Kiva is just one piece of the funding puzzle; however, it is far from the only nonprofit funding resource available to small businesses. Here are three additional funding resources available to Greater Richmond small business owners:
1. Virginia Small Business Financing Authority (VSBFA) microloan program
Overseen by the Commonwealth of Virginia, this state-funded program provides direct financing to help growing small businesses across Virginia access larger amounts of capital without relying on traditional bank intermediaries.
- What you get: Direct state loans of up to $150,000 with five to seven-year repayment terms. Funds can be used for working capital, equipment purchases or business acquisitions.
- What it takes / key requirements: The business must be operating in Virginia and be in good standing with the State Corporation Commission (SCC). Applicants must have a minimum credit score of 650, pay a nonrefundable $150 application fee and meet at least one of the following size criteria: less than $10 million in annual revenue, a net worth of less than $2 million or fewer than 250 employees.
- Application Link
2. City of Richmond’s micro-enterprise revolving loan fund
Designed specifically for micro-enterprises, defined as businesses with five or fewer employees (including the owner), this fund provides affordable capital to upgrade operations or expand services.
- What you get: Loans up to $50,000, with loans averaging between $10,000 and $25,000. Funds can be used for permanent working capital, equipment, technology or leasehold improvements. The program also includes technical assistance organized by the City’s Office of Minority Business Development.
- What it takes / key requirements: The business must be in the City of Richmond, have at least two years of operating history (although startups may be considered on a case-by-case basis), demonstrate a 20% equity investment and be current on all tax obligations. Businesses must also have no bankruptcies within the past 12 months.
- Application Link
3. SCALE UP Henrico (Bridging Virginia)
Created through a partnership between Henrico County and Bridging Virginia, a certified community development financial institution, this program utilizes a $250,000 Community Development Block Grant to support local job creation and business growth.
- What you get: Zero interest loans between $10,000 and $75,000, along with business coaching. Funds can be used for staffing, marketing, equipment and working capital to secure contracts.
- What it takes / key requirements: The business must be physically located in Henrico County and commit to creating at least one full-time job that pays a living wage (primarily individuals from households earning under $86,000 per year).
- Contact: [email protected]
Finding your best fit
Access to capital does not have to be a solo journey. Whether it is Kiva’s low-barrier crowdfunding through Henrico EDA, Bridging Virginia’s 0% interest loans for Henrico-based businesses, the City of Richmond’s support for micro-enterprises or VSBFA’s larger direct loans for growing companies, Greater Richmond small business owners have more resources at their fingertips than ever.
The right funding option ultimately depends on your business’s size, location and goals. An early-stage startup without traditional collateral may benefit from Kiva, while an established company investing in major machinery may benefit more from VSBFA.
Here at the Greater Richmond Partnership, we know that when local businesses secure the capital they need to grow, the entire regional economy wins. With the right support behind you, taking that next step for your business might be easier than you think.
