VSBFA Announces The Launch Place as a Recipient of State Small Business Credit Initiative Funding

DANVILLE, Va. (July 8, 2024) —The Launch Place (TLP) has been selected as a Technical Assistance Grant Program (TA) provider by The Virginia Small Business Financing Authority (VSBFA). The Launch Place, one of four finalists from the Commonwealth of Virginia, will receive up to $1,000,000 to offer key business advisory services to companies.

Virginia has been approved for $4.1 million in SSBCI Technical Assistance grant funding by the U.S. Department of Treasury under the State Small Business Credit Initiative (SSBCI) program (SSBCI-21031-0028). This program will provide legal, accounting, and financial advisory services to companies preparing for support from state and/or federal small business programs and connect companies directly with its SSBCI-supported capital programs.

As a TA provider, TLP will take on the primary responsibility of offering legal, accounting, and financial advisory services to Socially and Economically Disadvantaged Individually owned (SEDI) businesses and Very Small Businesses (VSB) small business owners preparing for capital support from small business programs. TLP will also connect companies directly with funding sources.

“We are excited to offer this critical support to small businesses. This program will have a lasting, positive impact on the entrepreneurial landscape of the Commonwealth,” said VSBFA Executive Director, Joe Shearin.

According to Eva Doss, President and CEO of The Launch Place, “Small businesses are a critical component of Southside Virginia’s economy. The Launch Place is honored to be named a VSBFA TA provider. This opportunity fuels our steadfast commitment to deliver premier services and resources to our region’s small businesses so they can successfully launch and grow their companies to scale.”

The Launch Place is proud to partner with Woods Rogers and Harris Harvey Neal & Co LLP

for the SSBCI TA Grant

About Virginia Small Business Financing Authority

Aligned within Virginia’s Department of Small Business and Supplier Diversity, the VSBFA offers programs to provide businesses, not-for-profits, and economic development authorities with the financing needed for economic growth and expansion throughout the Commonwealth. To accomplish this goal, VSBFA offers loans directly to businesses & non-profits, credit enhancements to banks that are lending to businesses & non-profits, as well as bond financings to benefit for-profit businesses, 501 (c) (3) not-for-profit entities, and to support clean energy and P3 transportation projects. VSBFA also helps small businesses seeking to attract equity investments by providing an equity incentive grant program.