Virginia Small Business Grants & Funding Opportunities

/in

Your options for small business financing in Virginia include state programs and grants, federally backed business loans, and bank-provided term loans, agricultural loans, and lines of credit. Free business education and office space are also available. This guide can help you find the right small-business funding in Virginia, in fields ranging from agriculture to high-tech startups.

Virginia Business Financing Programs

Support for small businesses in Virginia includes grants, low-cost financing, cash advances, free business education, and training. It also includes free office space and mailing addresses through business incubators in the Shenandoah Valley.

The Virginia Department of Housing and Community Development

Virginia’s DHCD offers several options for small business financing in Virginia and the Shenandoah Valley:

  • Community Business Launch (CBL): Offers training programs on business planning, with a chance to pitch your business idea to a panel of judges. Winners receive grant funding and community support services to start a business.
  • Opportunity Zones: Supports long-term private investment in designated low-income census tracts.
  • Virginia Enterprise Zone (VEZ): A partnership between state and local governments that provides a Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG) to investors and job creators within certain Enterprise Zones.
  • Virginia Individual Development Accounts (VIDA): Helps individuals save for a down payment on a home or capital to start or expand a business, as well as training, support, and funding matches on their savings.
  • The Virginia Small Business Resiliency Fund (VSBRF) was created as a response to the Covid 19 pandemic to help small businesses that are affected by unprecedented events and have been historically disadvantaged economically. It still provides access to capital and technical assistance through grants made to community development programs such as the Community Business Partnership, which offers training, counseling, and funding to small businesses, startups, and entrepreneurs.

Virginia’s Community Business Partnerships (CBP)

The CBP provides financing and support services for small businesses in the Northern Virginia region of the DMV (Washington DC, Maryland, and Virginia). This includes:

  • Small business financing: Low-interest loans for startups and small businesses looking to sustain or grow their operations. It doesn’t provide loans for real estate acquisition or rehabbing. For-profit companies with up to 50 employees and a minimum credit score of 575 are eligible.
  • Education for Small Business Owners in Virginia: Technical development training and business advice for startups and small businesses, with both virtual and in-person events. Topics include grant writing, accounting, contracts, creating a business plan, marketing, business law, money management, and other subjects.
  • CBP Business Incubation Centers: Provide physical addresses for snail mail and fully furnished office space in the DMV Metropolitan region.
  • Small Business Counseling: No cost, virtual one-on-one counseling sessions and business issues such as financial forecasting, business planning, marketing, bookkeeping, and contracts.

The Virginia Housing and Community Development Corporation

The VHCDC provides financial help for small businesses in Virginia. Most of these business loans in Virginia require a FICO score of 500 or more:

  • Accounts receivable financing by purchasing your invoices at a discount so you can pay your bills and cover your expenses during periods of rapid growth, without having to wait for your creditors to pay up.
  • Business cash advances that convert a percentage of your future Visa, MasterCard, Discover, and AMEX receivables into cash immediately. Payments are applied to remaining balances and can also be applied to any regular deposits to your business bank account.
  • Commercial real estate loans of up to 100% for owner-occupied commercial buildings. Proceeds can be used for buying, refinancing, construction, and business acquisitions as well as working capital.

The Virginia Innovation Partnership Corporation (VIPC)

The VIPC provides funding for startups in Virginia in fields such as technology, cybersecurity, life sciences, energy, and aerospace. This includes grants and convertible launch notes, as well as pre-seed and seed stage direct investments.

Your Checklist for Small Business Funding in Virginia

Whether you’re applying for a grant or a small business loan in Virginia, you’re going to need some documentation. This includes:

  • A business plan that explains what your business does, your goals, and how you’ll meet them. It should guide the reader through each stage of your business and offer a roadmap to how you’ll succeed. The Small Business Administration (SBA) offers information on how to write a business plan and on business planning.
  • Your North American Industry Classification System (NAICS) code, which can help grantors and lenders understand what your business is about. It can also help you with market analysis.
  • Financial documents, such as a year’s worth of bank statements, three years of business and personal income tax returns, business income and cash flow, balance sheets and projections, accounts receivable, and all business debts and assets.
  • Most businesses in Virginia must register with the Virginia Department of Taxation. Corporations, limited liability companies (LLCs), and limited partnerships must also register with the Virginia State Corporation Commission (SCC).
  • An employer identification number (EIN), which you can obtain from the IRS. Also known as a Federal Tax Identification Number, you’ll need this if you have employees, pay employment and other federal taxes. You’ll also need an EIN to file tax returns for your business and to open a business bank account.
  • You might need a business license from your municipal or county government, and possibly a sales tax permit as well.
  • Partnerships, LLCs, and similar entities must provide a copy of their incorporation papers and operating agreement.
  • Franchisees must provide a copy of their franchise agreement.
  • Personal identification, such as a government-issued ID and proof of your Social Security number and address. You might also need information about your personal assets, income, and debts.

Small Business Administration (SBA) Loans in Virginia

If grants or community development funds are unavailable or wouldn’t fit your needs, the Small Business Administration (SBA) offers government-backed loans for small businesses and startups, provided through local banks. As an SBA-approved lender, we can offer expert advice on SBA loan applications, faster processing, and high approval rates.

Two SBA offices serve Virginia. The SBA office in Washington DC covers the DMV, including Arlington, Fairfax, and Loudoun counties, and cities of Alexandria, Fairfax, and Falls Church in Virginia. The SBA office in Richmond serves all other counties in Virginia.

The two most common SBA loans in Virginia are 7(a) loans and 504 loans. Applicants must provide collateral for a 7(a) loan. A 504 loan can be used to buy equipment, with the equipment itself serving as collateral.

SBA 7(a) Loans

A 7(a) loan can be used for working capital, buying equipment, purchasing an existing business, inventories, and other needs for your small business. Borrowers can receive up to $5 million at fixed or variable interest rates at 10 year terms. Terms can be up to 11 years when buying something that has a useful life of 10 years or more (such as equipment or real estate). Terms can be up to 25 years when used to buy real estate or to improve a business property.

SBA 504 Loans

A 504 loan can be used to buy something with a useful life of 10 years or more. This includes equipment, land, and business property. It can also cover up to 90% of the cost of improving and modernizing a business property.

Virginia Small Business Microloans

SBA Microloans in Virginia are available for up to $50,000 to small businesses and nonprofit childcare centers. They can be used as a source of working capital or to buy inventories, supplies, and machinery. They cannot be used to buy real estate or refinance business debts.

SBA Express Loans

With an SBA Express Loan, businesses can borrow up to $500,000 at a 10 year term. Express loans may offer approvals within 36 hours and can be used for working capital, buying inventories and equipment, or starting a new business.

USDA Loans in Virginia

While usually thought of as offering small business loans for farmers and ranchers, USDA small business loans in Virginia are also available within certain census tracts. USDA loans in Virginia include:

Business and Industry Loan Guarantees (B&I)

Business and Industry Loan Guarantees (B&I) businesses that are enlarging and modernizing their operations can use these loans to buy buildings, land, machinery, and supplies. In some cases, these loans can also be used to refinance debt if they improve cash flow and create jobs.

Rural Business Development Grants (RBDG)

Rural Business Development Grants (RBDG) are available for public bodies, native tribes, and rural nonprofits with fewer than 50 new workers and less than $1 million in gross revenue. Proceeds can be used for job creation, such as:

  • Training, market research, and producer improvements.
  • Buying and developing land, including the construction and renovation of buildings, business property, machinery, and equipment.
  • Pollution control and abatement.
  • As a source of working capital.
  • Community economic development, planning, and training.

Rural Innovation Stronger Economy (RISE)

The Rural Innovation Stronger Economy (RISE) Grant Program offers grant assistance to accelerate the creation of new businesses, create high-wage jobs, and support industry clusters.

Value Added Producer Grants (VAPG)

Value Added Producer Grants (VAPG) provide financial support to agricultural producers for the processing and marketing of new products.

USDA Energy Programs

USDA Energy Programs can help with energy audits, improving energy efficiency, and installing renewable energy systems.

Fertilizer Production Expansion Program (FPEP)

The Fertilizer Production Expansion Program offers grants of $1 million to $100 million for manufacturers to increase their production of fertilizer and similar agricultural products.

Higher Blends Infrastructure Incentive Program (HBIIP)

The Higher Blends Infrastructure Incentive Program offers cost-sharing grants for projects that increase the sale and use of higher blends of ethanol and biodiesel products. Grants may cover up to 75% of a project’s cost or $5 million, whichever is less.

Small Business Bank Loans in Virginia

If you need a small business loan in Virginia, we’re not only an SBA-approved lender, we also offer a line of traditional bank loans. Because we make all our lending decisions and approvals here in the community, we can offer a more customized approach, with competitive interest rates and fast approvals from bankers who understand the local economy.

  • Business Term Loans: Small business financing in Virginia that can be used for a variety of needs, such as starting a business, refinancing debt, or providing working capital. They do require collateral, such as business property, inventories, equipment, or cash flow.
  • Business Lines of Credit: A source of working capital that you can access whenever you need. Lines of credit are unsecured loans for up to $25,000, and those who already bank with us may receive them within 24 hours after they’re approved. These loans are similar to a business credit card but offer much lower interest rates.
  • Commercial Real Estate Loans: Also known as land loans and construction loans, used for the purchase, construction, or refinancing of a loan involving commercial real estate. When used for construction, you would make interest-only payments during the construction phase. When construction is completed, your loan would convert into a commercial mortgage, and you would start paying back the loan.
  • Agricultural Financing: Also known as farm loans. We’re a leading provider of agricultural loans in Virginia for all types of farming and ranching operations. These term loans can be used for livestock, equipment, fertilizer, and other agricultural needs.
  • Business Credit Cards: We offer two kinds of Visa business credit cards with no annual fees and low percentage rates.

We Can Help You Find the Right Small Business Funding in Virginia

If you’re looking for an SBA loan in Virginia, please contact one of our small business lenders for a free consultation. You could also open a business account online, which can help you secure loans and grants when you have a bank account to hold them in.

Celero Recognizes F&M Bank as East Coast Region Partner of the Year

/in , , ,

Celero Commerce is pleased to announce Farmers & Merchants (F&M) Bank in Virginia as the recipient of the East Coast Region Partner of the Year award at our inaugural Celero Partner Awards.

The company held our first Celero Partner Awards on Feb. 14 and recognized bank partners in the West, East, and Central regions. F&M Bank has demonstrated a strong and collaborative partnership with Celero over the past five years, making them an obvious choice for this prestigious award.

F&M Bank’s understanding of the value of merchant solutions and commitment to educating their team on Celero’s offerings have contributed to significant non-interest income growth. They consistently identify and pursue quality opportunities, increasing revenue for both organizations.

They enhance Celero’s market presence with co-created campaigns, internal employee recognition programs, and strategic integration of Celero’s sales team into bank-hosted events. Notably, they facilitated introductions between our Celero Account Executive and every branch within their network, strengthening our presence and credibility in the community as a trusted resource for merchant solutions.

“F&M Bank is honored to receive this recognition from Celero. Our partnership has allowed us to provide innovative merchant solutions that empower small businesses in our community. By working closely with Celero’s team, we’ve been able to enhance our offerings, drive growth, and support the entrepreneurial spirit that fuels our local economy. We look forward to building on this success and continuing to deliver meaningful solutions to our business customers” said John Sargent, Senior Vice President at F&M Bank.

“We have valued our partnership with Mike Wilkerson and the entire F&M VA team,” said Jacqueline Porthouse, Vice President of Merchant Sales, Financial Institution Channel at Celero. “Their community first approach to banking paired with their passion for Main Street America small and medium-sized businesses has created an ideal alignment with Celero. I have been welcomed into the F&M family with open arms and look forward to our relationship growing in the future to better support the Shenandoah Valley.”

F&M Bank’s dedication to growth, collaboration, and innovation has distinguished them as a leader within our financial institution partnership program. We are honored to recognize F&M Bank as our East Coast Region Partner of the Year and look forward to our continued collaboration.

About Celero Commerce

Headquartered in Nashville, Celero Commerce is a full-service, integrated electronic commerce solutions provider powered by leading-edge technology, strategic partnerships, and business intelligence. Celero offers small and medium-sized businesses payment processing services, business management software, and data intelligence, empowering them to drive growth and profitability. Celero is a top-ten non-bank processor of electronic payment transactions in the world. Visit https://www.celerocommerce.com/ to learn more.

About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, with full-service branches and a wide variety of financial services, including home loans through F&M Mortgage, and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can.

Maximizing Efficiency and Security: Cash Management Solutions for Businesses

/in , , ,

Maximizing Efficiency and Security: Cash Management Solutions for Businesses

In today’s fast-paced business environment, having control over financial processes is key to success. Whether you’re a small business or a large corporation, managing cash flow efficiently and securely is essential. At F&M Bank, we provide insight into how cash management products can streamline operations, enhance security, and ultimately help businesses thrive regardless of your business size.

With the increase in fraud activity the industry has seen in recent years, we sat down with Robyn Good, our Vice President and Treasury Management Officer to discuss her recommendations for businesses wanting to remain proactive about managing their funds movement. Robyn is a lifelong Shenandoah Valley resident with over 35 years of banking experience; 17 of those years have had a specialized focus on business deposits and fraud solutions.

What are Cash Management Products, and Why are They Important for Businesses of All Sizes?

Cash management products offer businesses tools to simplify and streamline their financial processes. With real-time account monitoring, companies can reduce the risk of fraud and better manage day-to-day financial operations.

Robyn: “Every business, regardless of size, needs to protect their accounts and monitor activity with ease. With cash management solutions, businesses can oversee multiple transactions and spot potential fraud much faster, giving them more control.”

 

How Do Business Online Banking Solutions Simplify Cash Management?

Online banking solutions tailored for businesses go beyond the basics of consumer banking. Features like recurring payments, vendor payments, positive pay, and stop payments are invaluable for businesses looking to grow and maintain efficiency.

Robyn: “Cash management allows businesses to pay vendors electronically and manage payments seamlessly. This is vital for businesses looking to expand and build a reputation of reliability.”

 

Popular Cash Management Products for Businesses

Our most recommended products include:

  • Positive Pay: This service helps prevent check fraud by verifying checks presented for payment against checks issued by the business.
  • ACH Origination: This allows businesses to easily process electronic transactions, from payroll to vendor payments, providing speed and security.

The Benefits of Automated Clearing House (ACH) Services

ACH services help businesses mitigate risks associated with physical checks. By processing payments electronically, businesses can protect their sensitive account details and gain better control over payment timing.

Robyn: “ACH services offer speed and reversibility, making it a preferred option for many companies handling payroll or vendor payments.”

Streamlining Processes with Remote Deposit Capture

Remote Deposit Capture (RDC) simplifies the check deposit process for businesses. Instead of making a trip to the bank, businesses can scan checks and deposit them directly from their office.

Enhancing Security with Business Online Banking and Cash Management

Security is a top priority when it comes to online banking. From multi-factor authentication (MFA) to setting access controls for employees, businesses can secure their online transactions and banking activities.

Robyn: “Our online banking system allows businesses to set time-of-day and IP address restrictions, ensuring that unauthorized individuals cannot access sensitive financial information.”

 

Positive Pay: A Must-Have for Preventing Check Fraud

Positive Pay is a powerful tool in preventing check fraud. It matches details like check number, issue date, payee, and dollar amount against a list of checks authorized by the business. If any discrepancies arise, the business is immediately alerted to review and approve or reject the payment.

This system ensures that unauthorized or altered checks don’t slip through, protecting your business from potential fraud.

Clearing Up Common Misconceptions About Cash Management

Cash management services are often seen as complex or unnecessary, but they are designed to simplify processes. “It’s a value-add to the relationship with the bank,” our team shares. “These services are user-friendly and provide a depth of visibility that businesses need for security and growth.”

The Future of Cash Management

As fraudsters become more creative, the importance of cash management products continues to grow. The future of cash management will focus even more on electronic transactions, reducing the need for checks and ensuring that businesses have the tools to safeguard their assets.

Robyn: “We expect ACH to become even more integral as businesses prioritize speed and security. “The right safeguards will keep businesses one step ahead.”

With the right cash management solutions, businesses can take control of their financial processes, mitigate risks, and set themselves up for growth.

Interested in learning more?

Contact Robyn today for a free consultation and discuss how our solutions can benefit your business.

F&M Bank Announces Renewed Merchant Services Partnership with Celero Commerce

/in , ,

FOR IMMEDIATE RELEASE

TIMBERVILLE, VA /  April 9, 2024 / F&M Bank Corp. (the “Company” or “F&M”), (OTCQX:FMBM), the parent company of Farmers & Merchants Bank (“F&M Bank” or the “Bank”) Announces Renewed Merchant Services Partnership with Celero Commerce, a High-Tech, High-Touch Payment Solutioning Firm Timberville, Virginia, April 9, 2024.

F&M Bank, the financial partner of choice in the Shenandoah Valley, is thrilled to announce its renewed partnership with Celero Commerce, a renowned High-Tech, High-Touch Payment Solutioning firm. This renewal marks a significant milestone in F&M Bank’s commitment to delivering exceptional banking experiences to its business clients.

Going forward F&M Bank is also pleased that Jacqueline Porthouse will be its new merchant services consultant. Jacqueline has a wealth of experience and expertise in building custom solutions for business clients.  Her support will further strengthen F&M Bank’s ability to provide cutting-edge payment solutions and exceptional service to its valued customers.

F&M Bank aims to elevate the banking experience for its business clients by offering a white glove service with a top-of-the-line merchant program. By leveraging Celero’s state-of-the-art payment solutioning technology F&M Bank’s clients from healthcare providers, restaurants, non-profits, and more can expect a seamless and secure payment processing experience. This renewal also positions F&M Bank to fully support businesses that want to utilize online and point-of-sale transactions regardless of volume.

“We are excited to renew our relationship with Celero and work with Jacqueline Porthouse” said Mike Wilkerson, F&M Bank CEO. “This collaboration allows us to deliver an unparalleled banking experience to our business clients, providing them with the highest level of service and access to a world-class merchant program.”

Porthouse also expressed enthusiasm about the partnership, stating, “I am delighted to begin working with the F&M Bank team. By combining Celero’s advanced payment solutioning capabilities with F&M Bank’s proven exceptional banking services, we are confident in our ability to deliver a truly remarkable experience to business clients.”

 

About F&M Bank:

F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, with full-service branches and a wide variety of financial services, including home loans through F&M Mortgage, and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. F&M Bank has grown to $1 billion in assets with over 175 full and part-time employees. Its conservative approach to finances and sound investments, along with excellent customer service, has made F&M Bank profitable and continues to pave the way for a bright future.

Contact

F&M Bank

Jacob Mowry, VP, Marketing Manager

jmowry@fmbankva.com

 

About Celero Commerce:

Headquartered in Nashville, Celero Commerce is a full-service, integrated electronic commerce solutions provider powered by leading-edge technology, strategic partnerships, and business intelligence. Celero offers small and medium-sized businesses payment processing services, business management software, and data intelligence, empowering them to drive growth and profitability. Visit https://www.celerocommerce.com/ to learn more.

Contacts

Celero Commerce

Scott Farace, Chief Marketing Officer

scottf@celerocommerce.com

972-533-5655

 

5 Ways to Protect Your Small Business from Account Fraud

/in ,

Corporate account takeover is a form of fraud in which criminals access a company’s financial accounts to carry out unauthorized activities. Corporate account takeover is a type of fraud. Criminals gain access to a company’s financial accounts without permission. They can transfer funds, add fake employees, and steal customer data.

Retrieving the stolen data can be difficult. F&M Bank recommends following these tips to keep your small business safe.

Corporate account takeover is when thieves steal money and information from a business without permission. They can transfer funds, add fake employees to payroll, and take customer information that may be lost forever. F&M Bank recommends following these tips to keep your small business safe.

1.   Educate your employees. You and your employees are the first line of defense against corporate account takeover. Having a strong security program to protect your company and customers is important. Educating employees about warning signs, safe practices, and how to respond to a suspected takeover is also crucial.

2.   Protect your online environment. Protecting your cyber environment is just as important as protecting your cash and physical location.

Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.

3.   Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions. Protect yourself from fraud by using services like Positive Pay. These services offer call backs, device authentication, multi-person approval processes, and batch limits.

These features help to ensure the security of your transactions and protect you from potential fraud. By utilizing these tools, you can safeguard your finances and prevent unauthorized access to your accounts.

4.   Pay attention to suspicious activity and react quickly. Look out for unexplained account or network activity, pop ups, and suspicious emails. If you detect any issues, contact your financial institution right away. Stop all online activity and remove any compromised systems. Keep records of what happened.

5.   Understand your responsibilities and liabilities. The account agreement with your bank will outline the commercially reasonable security measures your business must have.

It is critical that you understand and implement the security safeguards in the agreement. If you don’t, you could be liable for losses resulting from a takeover. Talk to your banker if you have any questions about your responsibilities.

For additional information, give us a call or email us; we will be happy to help. You can also visit the following websites to learn more about how to protect your small business:

•   U.S. Chamber of Commerce: Internet Security Essentials for Business

•   Federal Communications Commission: 10 Cybersecurity Strategies for Small Business

•   Better Business Bureau: Data Security Made Simpler 

•   NACHA – The Electronic Payments Association Corporate Account Takeover Resource Center

Identity Theft Protection|fa-lock|159|ID SafeChoice|1