Conscious investors, nonprofit foundations, and organizations are always looking for opportunities to have a social and environmental impact in their community. We’re here to help and work alongside you as a partner.
Along with our incredible partners from the public and private sectors, VCC provides resources for businesses to expand and real estate developments to thrive. Some of our community programs have particular areas of focus to help specific communities in need.
See VCC’s statewide impact.
Alleghany Highlands Loan Program
Through an investment grant from the Alleghany Foundation, VCC is providing $3 million in financing and assistance to advance a minimum of two community and economic development projects in the region. In addition, a $500,000 grant supports project readiness (research, staff, and lending time, materials, etc) and credit enhancements.
The Alleghany Highlands Loan Program kicked off in October 2015 and will run through 2018. Our goals are to provide ongoing technical assistance to projects in the market and deploy our financing to those in line with the vision for revitalizing the community.
Brookland Park Loan Fund
The Brookland Park Corridor, in the Northside of Richmond, is an economically challenged community along a two and a half-mile stretch. Businesses there is a mix of retail and convenience stores, beauty shops, and some food services. On the rebound, this area is seeing an influx of new residents and renewed public and private investment.
With an investment from Capital One, VCC has established the Brookland Park Loan Fund and Advisory Services Program to provide targeted outreach and free advisory services to eligible business in the corridor. Advisory services are effective and necessary tools that small businesses depend on for responsible growth and access to lending capital. This program will end in December 2017.
Housing Catalyst Loan Fund
The Housing Catalyst Fund was created to build more affordable rental housing in Virginia. The program is resourced by the Department of Treasury’s Capital Magnet Fund, blending a federal grant and capital from VCC to offer low-cost financing to private investment and other local, state, and federal funds. We offer low rates and flexible terms for short-term construction, bridge financing, or long-term gap financing.
Projects are limited to affordable rental properties only. Eligible borrowers include both for- and non-profit entities, housing authorities, and mixed-use developments.
New Economy Loan Fund
Entrepreneurship has the potential to boost local economies by tapping local talent and resources and to help keep rural populations from declining even further. Through the New Economy Loan Fund, VCC is providing critical growth financing and technical assistance for small businesses and projects in the following nine counties: Buchanan, Dickenson, Giles, Lee, Russell, Scott, Tazewell, Washington, and Wise. These communities have relied substantially on the declining coal mining industry as a base for their local economies.
The loan fund will provide needed capital and targeted advisory services to small business owners to support growth and success of current economic priorities and initiatives already underway in these communities. The Virginia Department of Housing and Community Development’s (DHCD) has committed an investment of $100,000 to fund a loan loss reserve pool to support the fund’s lending activities.
Resilient Community Loan Fund
Small businesses play an especially vital role in America, creating roughly two-thirds of jobs. Through the Resilient Communities Loan Fund, VCC provides critical growth financing and technical assistance for small businesses and projects in Virginia Department of Housing and Community Development’s (DHCD) program areas, which are primarily based in rural and small towns across the Commonwealth.
By blending private capital, partially backed by DHCD-funded loan loss reserves, VCC is well-positioned to respond to emerging economies in small towns throughout the Commonwealth.
Thompson Foundation Program
VCC has received a $200,000 grant over a three-year period from the Thompson Charitable Foundation. The funds will help small business owners in two Southwest Virginia counties establish new companies, assist existing businesses in expanding and diversifying markets, and offer specialized management and entrepreneurial skill-development and career transition training to ensure long-term success.
The grant will fund up to 12 small business workshops each year in Buchanan and Tazewell counties, provide free technical advisory services, and host four Small Business Challenges in each county that will award investment grants to existing and startup companies.
Virginia Fresh Food Loan Fund
When communities don’t have access to nutritious foods, citizens can’t function at their very best. More than 1.4 million Virginians lack access to healthy, local, or fresh foods. Many youth also shop regularly in the corner convenience store, consuming high-calorie snacks and beverages because they don’t have stores nearby that offer more nutritional foods and drinks. An unhealthy diet leads to a range of health risks including obesity, diabetes, and heart disease.
In short: Communities must have access to healthy foods if they are to thrive.
The Virginia Fresh Loan Fund is providing $10 million to finance fresh and local food access across the Commonwealth. Borrowers include food hub operators (locally sourced meats, fruits and vegetables), retail and wholesale distributors, processors and producers, and food business incubators. Loan amounts range from $50,000 to $1 million, with three- to seven-year terms for real estate and annually renewable lines of credit for working capital.
Mapping is an essential tool to use when analyzing access to healthy foods in your community. Our Food Mapping tool utilizes Policy Map’s data to highlight food access and limited supermarket access issues throughout the Commonwealth of Virginia.
View VCC’s Food Map