This lender Provides loans which are designed to promote entrepreneurship in underserved communities in Baltimore. They offer emerging loans of up to $50,000 for startups with a loan term of 3-6 years. They also offer growth loans of up to $150,000 for companies that have been in business for at least two years. The loan term is 5 to 10 years.The interest rate is 7.25% to 9.25% for both emerging and growth loans.They also offer a special loan rate of 3% for hair salons, barbershops, childcare centers, and arts-based businesses in partnership with Wells Fargo. They are unable to accommodate restaurants at this point.Read More: Baltimore Community Lending
The goal of this organization is to increase the flow of private capital into traditionally underserved communities. Their Community Investment Fund is designed to reduce the racial wealth gap by providing funding for entrepreneurship and low-income housing.
They offer the following loans for low-income entrepreneurs:
They provide microloans of $50,000 or less.
They also provide small business loans of $50,000 to $275,000
They also provide loans for green impact businesses of an unspecified amount.
They offer the following loans:
A credit building loan which is between $500 and $2,500 and has a 0% interest rate and 36 monthly payments. They also offer personalized financial education along with the loan.
They also offer SEED Loans of less than 5K for companies that have been in operation for less than a year or with plans to launch within 3 months of getting funded. This loan is offered at 0% interest for up to 36 months.
In addition, they also offer a startup loan of up to 20K with an interest rate of 6.5% and for 60 months for companies that have been in business for less than 2 years.
They also offer a loan of up to 250K for growing companies of up to 120 months and an interest rate of 6.5% ore more for companies that have been in business for at least 2 years and are looking to expand.
Provides microloans and technical assistance to minority owned and small businesses in the Appalachian region of Virginia.Read More: Appalachian Community Capital
Will provide Alternative Lending Products & Technical Assistance for Underinvested Small Businesses in the Greater Richmond Region.Read More: Bridging Virginia
Will provide loans and microgrants for small businesses to help start and grow emerging enterprisesRead More: Community Investment Collaborative (CIC)
The center will create a $575,000 revolving loan fund to help 45-60 low and moderate income Latino and/or other underserved businesses in Fairfax County. The center will also provide culturally and linguistically specialized technical assistance to borrowers.Read More: Latino Economic Development Center
Provide $1.5 million in small and microloans with a focus on small loans for women, minority and/or immigrant-owned businesses.Read More: Freedom First Federal Credit Union Small Business Fund
Provides business loans to immigrants, refugees, low income individuals, and people of color in Maryland, Virginia, and Washington, DC. who cannot access bank financing. They also provide training and technical assistance to borrowers.Read More: Enterprise Development Group
A microlender which seeks to provide support to black, female, veteran, new, and underresourced farmers in Virginia
Mission — Foodshed Capital (foodcap.org)
They provide loans to black farmers
They also provided a $12,000 grant to the Minority and Veteran Farmers of the Piedmont in Virginia to support their efforts to reach mobile markets
Black Farmer Fund — Foodshed Capital (foodcap.org)
A community redevelopment agency which provides microloans of $2,500 to $25,000 to emerging businesses in Bristol, Virginia, that cannot access traditional financing sources.Read More: Downtown Bristol Loan Fund
A community action agency which provides business loans to entrepreneurs in the context of broader economic development and low-income housing programs.Read More: People Incorporated
This microlender in Fairfax, Virginia, provides microloans of $2,000 to $10,000.Read More: Community Business Partnership
Provides loans of up to $250,000 for companies that create new jobs in low- and moderate-income sections of Newport News. Up to $30,000 is available per new job created, or up to $35,000 per new job created in the city’s enterprise zoneRead More: Newport News Urban Action Grant Program
This government agency provides grant funding of $500 to $3,500 to micro enterprises in the Southeast portion of the city. The business owner must be low to moderate income or located in a low or moderate income section of the city.Read More: Newport News Micro Enterprise Grant Program
This government agency provides microloans to small businesses including startups that cannot access traditional capital sources. They provide funding of $2,000 to $25,000 at 8% interest rates.Read More: Newport News Virginia Microloan Program