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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
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Bill would allocate 23% of state contracts to woman- and minority-owned businesses
Only 13% of Va. contracts went to certified minority- and woman-owned firms, study says
Published
With the release of a study that shows only 13.4% of all state contracts were awarded to woman- and minority-owned businesses in Virginia, Gov. Ralph Northam on Friday threw support behind a reframed state bill that would raise that percentage to at least 23.1% of state contracts. The bill would set a similar goal for
Freedom Bank, NVTC to seed $50K revolving loan fund for minority entrepreneurs
Bank, tech council to provide gap financing for NoVa businesses
Published
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
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Applications open Jan. 19 for new PPP round
Some small businesses that already received funding eligible for additional funding
Published
The relief loan floodgates will reopen Tuesday, as the U.S. Small Business Administration opens the latest $284.5 billion round of Paycheck Protection Program (PPP) funding available. This time, borrowers who received allocations during the initial rounds of PPP funding in 2020 can reapply under Second Draw PPP Loan applications. First Draw PPP Loans are for
Northam commits additional $20M to economic recovery fund
Extra funding will aid 300+ small businesses and nonprofits
Published
Gov. Ralph Northam has allocated an additional $20 million in federal CARES Act funding to assist more than 300 small businesses and nonprofits through the Rebuild VA economic recovery fund. The new funding will meet demand for the Rebuild VA program and fulfill pending grant applications for small businesses and nonprofits that applied before the
$90K in business grants go to Buena Vista, Blackstone
Projects to bring more jobs, businesses to downtown districts
Published
Gov. Ralph Northam announced Wednesday that $90,000 in Community Business Launch (CBL) grants, which provide business plan competition funding, will go to the town of Blackstone in Nottoway County and the city of Buena Vista. CBL funding also offers training for entrepreneurs focused on regional economic development. “This public health crisis has underscored the value
Roanoke, local credit union launch small business relief fund
Grants are available up to $25K
Published
The city of Roanoke and Roanoke-based credit union Freedom First announced Tuesday a partnership that will disburse small business relief grants of up to $25,000 to those affected by the coronavirus. The $416,250 program will use Community Development Block Grant-Coronavirus (CDBG-CV) federal funding. The program is intended for businesses that are at risk of closing
State’s Rebuild VA program allocated $100M to Va. small businesses
Grants were awarded to 2,500 businesses, nonprofits
Published
The state has awarded $100 million in grants to 2,500 Virginia businesses and nonprofits through its Rebuild VA economic recovery fund, Gov. Ralph Northam announced Wednesday. All available funds have now been fully committed, the governor said in a news release. Approximately $50 million went to women, minority and veteran-owned businesses, and 997 small businesses
Richmond launches 2nd grant program for small businesses
$2 million in $15,000 grants to be allocated
Published
The city of Richmond announced a second small business grant program Friday that will provide applicants with grants of $15,000 for COVID-19 pandemic relief. Richmond Recovers II will be funded with $2 million from the city’s CARES Act appropriation. Applications can be submitted online starting Monday, Dec. 7 and continuing through Dec. 16, according to
Va. Tech says ‘Cheers!’ to Fightin’ Hokies Lager
University announces beer production partnership with Richmond-based Hardywood Park Craft Brewery
Published
Although Hokie fans couldn’t fill Lane Stadium this year decked in maroon and orange, there’s a new tailgating trophy they can look forward to obtaining this coming spring — a licensed Virginia Tech beer, Fightin’ Hokies Lager. Virginia Tech’s College of Agriculture and Life Sciences announced Tuesday it has partnered with Richmond-based Hardywood Park Craft