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.
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.