A new initiative will increase microloan access to small businesses in Virginia.

“This is fantastic news for the region as it gives us a valuable avenue to help small business owners gain greater access to capital,” said Jim Carroll, executive director of the Small Business Development Center (SBDC) of Hampton Roads. Carroll comes to Gloucester each month to provide business counseling.

Under the initiative, micro-lending—from $1,000 to $50,000—will be available to small businesses, Carroll said.

The collaborative efforts of the Virginia Community Economic Network and Accion will help Virginia entrepreneurs start and grow their small businesses through microfinancing and business education, Carroll said, and the SBDC is working with those two organizations to bring this about. “Despite the general economic recovery, access to high-quality capital and credit options remains a challenge for Virginia’s startups, microbusinesses, and small businesses,...