Banking on Diversity

Banking on Diversity logoThe 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) and 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), Washington (MD), or Frederick (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