We believe in equitable access to capital and resources.
The Economic Equity Fund is a loan fund that provides flexible financing for small business owners who are women and/or Black, Indigenous, or People of Color (BIPOC) and were disproportionately affected by the economic impact of the pandemic. In addition to loans for eligible borrowers, resources have been allocated to provide free technical assistance and consulting for eligible small businesses and community-based partners.
This year, VCC secured additional grant funding to further support this program, and we are excited to extend its benefits to eligible borrowers throughout the Commonwealth.
Eligible uses include:
- Business acquisition
- Debt refinancing
- Equipment financing
- Owner-occupied real estate
- Working capital lines of credit
The loan applicant must meet the following requirements:
- BIPOC- and/or women-owned
- In operation for 18 months or longer
- Loan amount is $1 million or less
- Generally, businesses should be located in and/or support a low-to-moderate- or moderate-income community in Virginia.
Eligible businesses are subject to and must be approved through VCC’s underwriting process.