We believe in equitable access to capital and resources.
In 2020, VCC developed a $10 million loan fund that provides low-cost financing for small, minority- and/or women-owned businesses that were disproportionately affected by the economic impact of the pandemic. In addition to low-interest 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.
Note: The Economic Equity Fund was previously known as the Open for Business Loan Fund.
Eligible uses include:
- Business acquisition
- Debt refinancing
- Equipment financing
- Owner-occupied real estate
- Working capital lines of credit
Eligible businesses will be:
- Minority- and/or women-owned
- Located in Virginia
- In operation for 18 months or longer
Eligible businesses are subject to and must be approved through VCC’s underwriting process.