Four community banks launch $1M minority business fund
Eligible minority-owned small businesses and startups can receive up to $50K in funding
The Bank of Clarke County announced Tuesday the launch of the Banking on Diversity initiative, a minority business funding program backed by Bank of Clarke County, BCT-Bank of Charles Town, The Fauquier Bank and First Bank.
The four community banks have collectively committed up to $1 million in interest-free loans to help startup and existing minority-owned small businesses in the banks’ markets. Loans of up to $50,000 will be available for existing businesses and up to $10,000 will be available to startups. The program is also expected to include educational seminars for business development.
Eligible applicants must have the following:
- Minority Business Enterprise (MBE) certification
- No more than $1 million in annual revenues
- Must be located in the counties of Clarke, Fauquier, Frederick, Loudoun, Prince William, Shenandoah, Warren or the city of Winchester. Funding is also available for businesses in Berkeley, West Virginia; Jefferson, West Virginia; or Washington County, Maryland.
- New businesses must have been in existence for at least three months
- Existing businesses must have been in existence for at least two years
- Must be able to show 51% ownership by one or more minority individuals who are U.S. citizens or legal resident aliens