BUSINESS FINANCING · VA

Small Business Financing Guide for Chesterfield County, Virginia

This guide helps solo contractors, small business owners, and real estate investors in Chesterfield County, Virginia understand their financing options clearly and confidently. It highlights local credit unions, CDFIs, and ITIN-friendly lenders that actually serve this community — not just national programs. Whether you are just starting out or looking to grow, this guide walks you through who qualifies, what documents you need, and what pitfalls to avoid. Origen Capital is a directory, not a lender, and we never collect your personal information.

§ 01 — What it is

What Is Small Business Financing?

Small business financing is any arrangement that provides your business with money to start, operate, or grow — and that you repay or exchange for equity over time. In Chesterfield County, financing typically comes in a few forms: - **Term loans**: A lump sum you borrow and repay in fixed monthly installments. Good for equipment purchases, renovations, or hiring. - **Lines of credit**: Flexible funds you draw from as needed and repay on a revolving basis. Useful for managing cash flow between contracts or seasons. - **Microloans**: Smaller loans, often $5,000–$50,000, designed for startups or very small businesses that don't yet qualify for traditional bank loans. - **SBA-backed loans**: Loans made by local lenders but partially guaranteed by the U.S. Small Business Administration. The guarantee reduces risk for the lender, which often means better terms for you. - **CDFI loans**: Loans from Community Development Financial Institutions — mission-driven lenders focused on underserved entrepreneurs, including immigrants and people with limited credit history. - **Real estate financing**: Bridge loans, DSCR loans, or hard-money loans used by investors to acquire or renovate income-producing properties. None of these programs require you to give up ownership of your business (unlike venture capital), and most work with you even if your credit history is limited or non-traditional.

§ 02 — Who qualifies

Who Qualifies in Chesterfield County?

Chesterfield County is one of the fastest-growing localities in the Richmond metro area, with a diverse economy anchored in construction, healthcare, retail, logistics, and professional services. That growth creates real demand — and real opportunity — for small contractors, independent tradespeople, restaurateurs, childcare providers, and property investors. **You may qualify for local financing if you:** - Operate or plan to operate a business in Chesterfield County or the greater Richmond region - Have been in business at least 6–24 months (though some microloans and CDFIs accept startups) - Can show some form of income — personal, business, or contract-based - Have an ITIN (Individual Taxpayer Identification Number) instead of a Social Security Number — many local CDFIs and ITIN-friendly lenders in this region accept ITIN filers - Have thin or no U.S. credit history — some lenders use alternative underwriting based on rent payments, utility bills, or cash flow **Chesterfield County's economic strengths work in your favor:** The county has strong demand for residential contractors, landscapers, cleaning services, daycare and senior care businesses, and small real estate investors serving working-class rental markets in areas like Chester, Midlothian, and Ettrick. Note: You do not need to be a U.S. citizen to apply for most CDFI or microloan products. Ask each lender directly about their citizenship and residency requirements.

§ 03 — What you need

Documents You Will Typically Need

Gathering your documents before you approach a lender saves time and helps you look prepared. Requirements vary by lender and loan type, but here is a solid starting checklist for Chesterfield County borrowers: **Identity and residency:** - Government-issued photo ID (passport, driver's license, or consular ID) - ITIN letter or SSN - Proof of address (utility bill, lease agreement, or bank statement) **Business documents:** - Virginia business license or registration (from the Virginia State Corporation Commission) - Business bank account statements — typically 3–12 months - Profit and loss statement or income/expense summary - Two years of business tax returns (or personal returns if self-employed) - Contracts or invoices showing work in progress or upcoming revenue **For real estate investors:** - Property address and purchase contract or appraisal - Rent roll or lease agreements (for existing rentals) - Scope of work and contractor estimates (for rehab projects) **For startups or newer businesses:** - A simple business plan (even one page) describing what you do, who your customers are, and how you will repay the loan - Personal bank statements showing income or savings If you are missing something, do not let that stop you from reaching out to a lender. CDFIs in particular are used to working with entrepreneurs who have incomplete paperwork and can guide you through what is actually needed.

§ 04 — Where to start in Chesterfield County

Local Lenders, CDFIs, and Resources That Serve Chesterfield County

These are organizations that actually operate in or near Chesterfield County and have a track record of serving small businesses, immigrants, and underserved entrepreneurs in the Richmond region. **CDFIs and Mission-Driven Lenders:** - **Virginia Community Capital (VCC)** — A Virginia-based CDFI headquartered in the Richmond area. Offers small business loans and real estate financing, with a focus on underserved communities and community development projects across the state, including Chesterfield County. - **ECDC Enterprise Development Group** — Provides microloans to immigrant and refugee entrepreneurs throughout Virginia. ITIN-friendly and experienced with borrowers who have limited U.S. credit history. - **Project:Enterprise / Accion Opportunity Fund** — Accion Opportunity Fund serves Virginia small businesses with microloans from $5,000 to $250,000. They have experience with ITIN borrowers and non-traditional credit profiles. **SBA District Office:** - **SBA Richmond District Office** — Located in Richmond and serving all of Chesterfield County. They can connect you with SBA 7(a) and 504 loan lenders, Small Business Development Center (SBDC) advisors, and SCORE mentors — all free of charge. Phone: (804) 771-2400. - **Virginia SBDC — Richmond Region** — Free business advising, loan application help, and referrals to lenders. They can help you prepare your application before you ever walk into a bank. **Local Credit Unions:** - **Virginia Credit Union (VACU)** — Headquartered in Richmond and serving Chesterfield County members. Offers small business loans, business checking accounts, and lines of credit with member-friendly rates. - **Dupont Community Credit Union** and **Member One Federal Credit Union** also extend services into the greater Richmond area and may offer small business products. - **Apple Federal Credit Union** — Serves Virginia members including Chesterfield and offers business financing products. **ITIN-Friendly and Community Lenders:** - **National Cooperative Bank (NCB)** — Serves Virginia cooperatives and small businesses. - **Latino Economic Development Center (LEDC)** — Serves Latino and immigrant entrepreneurs across the Mid-Atlantic, including Virginia, with microloans and business technical assistance. ITIN-accepted. - **Richmond-area community banks** such as **Atlantic Union Bank** and **TowneBank** have small business lending arms that work with established local businesses in Chesterfield. **Free Technical Assistance:** - **Chesterfield County Economic Development** — The county's own economic development office offers business resources, site assistance, and referrals. Visit chesterfield.gov/economicdevelopment. - **SCORE Richmond Chapter** — Free mentoring from retired business professionals. Especially helpful for first-time borrowers preparing a loan application.

§ 05 — What to avoid

Virginia State-Specific Regulatory Notes

Understanding Virginia's rules can help you avoid surprises and take advantage of state-level programs available to Chesterfield County businesses. **Business Registration:** All businesses operating in Virginia must register with the **Virginia State Corporation Commission (SCC)**. LLCs, corporations, and partnerships file here. Sole proprietors operating under a trade name (DBA) file with the **Chesterfield County Circuit Court Clerk's office**. Registration is typically required before a lender will process your application. **Virginia Small Business Financing Authority (VSBFA):** The VSBFA is a state agency that partners with private lenders to offer loan guarantees and direct financing programs, including: - **Loan Guaranty Program**: Helps businesses that don't fully qualify for conventional bank loans by guaranteeing a portion of the loan. - **Cash Collateral Program**: Allows the state to serve as additional collateral for your loan, reducing the lender's risk. - **Micro Loan Program**: For very small businesses needing $10,000–$50,000. **Virginia Contractor Licensing:** If you are a contractor doing work over $1,000 in Virginia, you must be licensed through the **Department of Professional and Occupational Regulation (DPOR)**. Many lenders will verify your contractor license before funding construction-related loans. **Usury and Lending Laws:** Virginia has relatively permissive lending laws, which means some high-rate products are legal in the state. This makes it especially important for borrowers to read loan terms carefully and compare offers before signing. The maximum interest rate for most business loans is not capped as tightly as consumer loans in Virginia — see the 'What to Avoid' section below. **Sales Tax and Business Licenses:** Chesterfield County requires a local **business license (BPOL tax)** for businesses with gross receipts above a certain threshold. Check with the Chesterfield County Commissioner of the Revenue's office to understand your obligations.

§ 06 — Ask a question

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