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.
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
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