Open for Business Loan Fund

Open for Business Loan Fund

Funded by Wells Fargo

The Open for Business program supports the financing needs of minority- and/or women-owned small businesses. In addition to low-interest loans for eligible borrowers, resources have been allocated to provide technical assistance and consulting for eligible small businesses and community-based partners in the Richmond region. The program is supported by a grant from Wells Fargo, which will be utilized over a two-year period.

**Please note: Due to overwhelming interest, we are temporarily pausing our application process. In order to best serve our stakeholders, we will work diligently to answer the inquiries we have received before opening up for new requests. Please stay tuned to this webpage for updates. Thank you! (2/12/21)

Program highlights: $1,000,000 in loan capital priced at 3%, for loans generally sized at $50,000-$250,000.

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 the Greater Richmond region. This includes the City of Richmond, Henrico, Hanover, Chesterfield, Powhatan, Goochland, the Town of Ashland, Petersburg, Hopewell, Colonial Heights, and New Kent.
  • In operation for 18 months or longer

Eligible businesses are subject to and must be approved through VCC’s underwriting process.