Virginia Community Capital and Dollar Bank partner to support technical assistance needs
NORFOLK, Virginia – November 2, 2022 – Virginia Community Capital (VCC) has received a $100,000 investment from Dollar Bank to bolster technical assistance for small business owners who are women and/or Black, Indigenous, or People of Color (BIPOC). The funding will specifically support VCC’s services in the Hampton Roads region through the organization’s Economic Equity Fund.
VCC is a statewide community development financial institution (CDFI) that serves low-to-moderate-income communities in Virginia. VCC’s Economic Equity Fund was launched in 2021 in response to the disproportionate impact of the coronavirus pandemic on women- and BIPOC-owned businesses in the Commonwealth. The investment from Dollar Bank will allow VCC to expand its support of these businesses by funding technical assistance services dedicated to the Hampton Roads area. The position will support the deployment of the Economic Equity Fund, as well as healthy food financing activities in the region. VCC has deployed over $6.1 million to borrowers through the Fund so far, with a healthy pipeline of additional loans in underwriting and the closing process.
“This partnership with Dollar Bank will allow VCC to expand services designed to help women- and BIPOC-owned small businesses in Hampton Roads thrive,” said Amir Kirkwood, President and CEO of VCC Social Enterprises. “We’re excited to extend the resources provided via the Economic Equity Fund and our healthy food program to more existing and aspiring business owners across the region.”
Founded in 1855, Dollar Bank is a community bank that is committed to empowering the people and communities they serve. Dollar Bank supports community revitalization and economic development by providing lending, banking, and educational services for businesses, and personal banking.
“We are proud to invest our support in the Economic Equity Fund that will provide small business owners and entrepreneurs access to the resources needed. It will help locate federal and local incentives or fund programs, and develop projections for business plans,” said James Hinton, Jr., Vice President of Community Development at Dollar Bank. “This partnership will be an essential part of the greater statewide efforts by VCC, and we commend them on their continued efforts in our community.
The partnership with Dollar Bank is an excellent example of the type of partnership that has enabled VCC’s impact in economically excluded and historically underestimated communities in Virginia. VCC has helped drive over $1.9 billion in total impact in the Commonwealth since its launch in 2006. This includes 14,000 jobs created or retained and over 11,000 affordable housing units financed.
Pictured above (L-R): Amir Kirkwood, President & CEO, VCC Social Enterprises; Chris Hairston-White, SVP, Business Development, VCC Social Enterprises; Morton Stanfield, SVP, Community Development, Dollar Bank; James Hinton, Jr., VP, Community Development, Dollar Bank.
Media inquiries: Please contact Valerie Lee, VCC Social Enterprises Director of Marketing & Communications, and Frank Buonomo, Vice President, Public Affairs, at [email protected].