Minority Business Fund

Four banks have collectively committed up to $1 million in interest-free loans to aid both startup and existing minority-owned small businesses within the sponsoring community bank markets.

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