The Banking on Diversity program was created through a partnership of community banks in the Northern Virginia / Shenandoah Valley of Virginia and Eastern Panhandle of West Virginia area that understand the importance and benefit of having a diverse business community.
It has been designed to aid both start-up and existing minority owned small businesses within the sponsoring organizations’ markets. Annually, up to $1,000,000 in interest free loans will be made available to businesses that meet certain qualification standards. There are two categories of loan programs, one for start-ups and one for existing businesses.
Program Sponsors:
Bank of Clarke County
BCT- Bank of Charles Town
The Fauquier Bank
First Bank
Program Guidelines - Overall:
- Must qualify as a minority-owned business using one of the following two certifications:
- MBE Certification (Learn how: Minority Business Enterprise)
- SBA 8(a) Certification (Learn how: Small Business Administration 8(a)) - Annual revenues cannot exceed $1MM (business) or $500k (farms)
- Business must be located in counties of Frederick (VA), Loudoun (VA), Fauquier (VA), Clarke (VA), Winchester (VA), Warren(VA), Shenandoah (VA), Prince William (VA), Jefferson (WV), Berkeley (WV), or Washington (MD)
- Loan amounts up to $50,000 (existing business) or $10,000 (new business)
- New business must have been in operation for at least 3 months
- Existing business must have been in operation for more than 2 years
- Ability to provide documentation as described below
- Only available to for-profit businesses
Documentation Requirements:
- Loan Application
- Complete Minority Owned Business Certification
- Full Description of business and website (if applicable)
- Current Certificate of Good Standing for the business with Virginia or West Virginia
- Prior year tax returns (for existing business)
- Current year proforma and 3-year projections (existing business)
- Current year proforma and 5-year projections (new business) and any market research completed to create the business
Apply for a Banking on Diversity loan today:
Banking on Diversity Application