Freedom Bank, NVTC to seed $50K revolving loan fund for minority entrepreneurs
Bank, tech council to provide gap financing for NoVa businesses
The Northern Virginia Technology Council (NVTC) and Fairfax-based Freedom Bank of Virginia announced Tuesday a $50,000 revolving loan fund for Northern Virginia entrepreneurs of color who have been affected by the pandemic.
NVTC and Freedom Bank of Virginia will seed the NOVA Technology Loan Fund, a gap financing program to be administered by the Springfield-based nonprofit Community Business Partnership Inc. (CBP).
“Freedom Bank dedicated itself in 2020 to helping clients and small businesses survive the COVID-19 pandemic and to a reinvigorated commitment to diversity and inclusion initiatives,” Freedom Bank President and CEO Joe Thomas said in a statement. “Therefore, this partnership is an ideal fit and a platform where Freedom and its program partners can make a real difference.”
Neither NVTC nor Freedom Bank of Virginia have yet released details about applications, applicant requirements or how to obtain the funding. The organizations are seeking additional funding partners, according to a statement from Freedom Bank. Typically, revolving loan funds are offered to those who do not qualify for traditional financial services.
Founded in 1995, CBP provides access to capital, incubator services, counseling and business technical training.