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.