Entrepreneur
RESOURCES
Mentor and Industry Expert Network
Whether you are a business ecosystem builder , wanting to grow a mentor network or an entrepreneur hoping to leverage knowledge to shorten your learning curve, this network of business leaders has committed to help you be successful. The Advancement Foundation’s Mentor Network is over 250 strong and growing. A business mentor can share insights gained over years of trial and error. There is no other single way to impact immediate improvement in your business.
The Gauntlet Business Program and Competition
The GAUNTLET, Virginia’s largest Business Program and Competition connects entrepreneurs to resources! Over $300,000 in cash and in- kind awards were given, with additional resources such as low interest loan funds, matching grants, and industry expertise are available to GAUNTLET participants.
Community Loan Funds
The Advancement Foundation may have partners offering low-interest loans to qualifying for-profit businesses undertaking certain types of projects designed primarily to create or retain jobs.
AREA OF OPERATION: Economic and Revitalization Program area: PDI Districts 1-6: mainly serving the following townships in Virginia, but not limited to, Vinton, Cave Spring, Hollins, Troutville, Fincastle, Buchanan, and Alleghany. ( New Areas being added)
PURPOSE: To create and retain jobs in PDI Districts 1-6 by stimulating new private investment by offering financing which may be subordinated to conventional bank financing.
TYPE OF FINANCING: Revolving Loan Fund (RLF) for working capital and fixed asset loan.
ELIGIBILITY: The applicant must be a Virginia small business, property owner, or have a current or pending lease, or sales contract for an eligible site in the PDI Districts 1-6. A small business as defined is a business which is at least 51% independently owned and controlled by one or more individuals who are U.S. citizens or legal resident aliens, and together with affiliates, has 50 or fewer employees, or average annual gross receipts of $1 million or less averaged over the previous three years. Loans will not be granted to applicants operating a home based business.
Rural Loan Fund
Community Resource Holdings
Program sponsors and investors are critical assets that are developed within each community served in order to grow access to capital resources for business owners. These resources may be given in the form of grants, loans, or as part of an equity deal based on business potential for community impact and profitability.
VIDA
The Virginia Individual Development Accounts (VIDA)
The Advancement Foundation is a local provider for the VIDA Program
If you are interested in purchasing your first home in the state of Virginia please contact VIDA@theadvancementfoundation.org for more information about the VIDA Program
Helps qualified individuals save for a down payment on a home or for capital to start or expand a business. Eligible participants receive training, support, and match funding on their savings. The current match rate is $8 for every $1 the participant saves, up to $4,000 in match.
The Advancement Foundation serves as a VIDA intermediary. VIDA intermediaries determine eligibility and work with enrolled savers to prepare them to achieve their business or homeownership goals. Enrollment in the program will depend on eligibility and availability of funding.
VIDA has often been used in conjunction with other DHCD programs including the Down Payment Assistance (DPA) program and the Neighborhood Stabilization Program (NSP) to help individuals and families achieve their dream of homeownership. VIDA also receives funding from the Virginia Housing Development Authority (VHDA), which offers home buyer lending programs.
Community Business Launch (CBL)
Designed to assist communities in taking a systems approach to defining and pursuing an asset-based small business development strategy. The program starts with a community’s unique vision for its future and then uses a local business competition to find and foster the entrepreneurs that connect with that vision. CBL will provide the tools to effectively prepare multiple entrepreneurs to operate successful businesses in a downtown or neighborhood commercial district and allow them to compete for funding to start up their new endeavor.
While only a limited number of entrepreneurs may win the business competitions, CBL gives rise to many budding entrepreneurs that have been prepared, through the CBL initiative, to be successful businesses. In addition, it will help communities begin to develop a coordinated, comprehensive sustainable environment that identifies, launches, and supports community-based entrepreneurs and small businesses at all levels of development.
Rural Business Development Grants (RBDG)
Ecosystem builders that are interested in receiving assistance and technical training by TAF can benefit from RBDG in order to bring TAF programs, resources, and place making activities to the communities we serve.