Richmond (May 16, 2022) – LISC Virginia and the Women’s Business Center of Richmond announced today their partnership on the BIPOC Small Business Capital Access Program to provide capital and coaching to Black, Indigenous, or other People of Color (BIPOC)-owned small businesses in the Richmond area.
This program is designed to bridge racial gaps in capital access and technical assistance for BIPOC-owned businesses that have been locked out of economic opportunity and conventional capital. Consequently, these businesses do not grow as quickly, fail in higher numbers, produce lower profits, hire fewer employees, and are less able to fuel wealth creation.
The BIPOC Small Business Capital Access Program, which totals $396,000, will provide 0% interest and no-fee loans from $10,000 to $50,000 to BIPOC-owned small businesses. Funding can be used to unlock a business’s potential to grow, by providing working capital for new equipment, inventory, contractor or receivable advances, commercial space rehabs, high-interest debt refinancing, and more. As businesses begin repaying the loan, LISC Virginia will then revolve the money back out into the BIPOC small business community.
“The BIPOC Small Business Capital Access Program is investing in Richmond’s vital community of minority-business owners. With affordable and accessible capital coupled with dedicated coaching, our goal is to level the playing field for small BIPOC-owned businesses to grow and thrive. We are grateful to Altria, Capital One, and the Community Foundation for their sustained investment in BIPOC companies, corridors, and communities. We are also thrilled to be partnering with WBC Richmond on this program and look forward to working with them for years to come.” - Jane Ferrara, Executive Director of LISC Virginia
The Women’s Business Center of Richmond will provide business borrowers with complimentary group business coaching. The coaching program will focus on business plan development, financial management, marketing, e-commerce, human resources, and more. Businesses will leave the program with a three-year growth plan informed by feedback from their network of peer business owners, subject-matter experts, and their business coach.
“Richmond is one of the nation’s fastest growing markets for entrepreneurship,” said Dr. Danni Gladden-Green, WBC Richmond’s executive director. “This program is specifically designed to help women and people of color thrive in Richmond’s budding business economy. Every aspect of this program, from the coaching to the to mentorship engagements will help business owners create and grow innovative and sustainable enterprises.”
Applications for the Program are now available at https://lisc.tfaforms.net/601. The deadline for all applications is July 15, 2022, at 11:59pm EST. Interested businesses are invited to attend a webinar about the program on Monday, May 23, at 11:00 am. To RSVP for the webinar, please sign up here (link).
For both LISC Virginia and the Women’s Business Center of Richmond, this program is part of larger efforts focused on economic opportunity and racial equity. For LISC Virginia, this program connects to its national Project 10X strategy to break down systemic barriers and support racial justice.
LISC Virginia received funding from Altria Group, Capital One, and the Community Foundation for a greater Richmond to establish the Program. We are grateful for their intentional support to strengthen minority-owned businesses across the Richmond region.
“Virginia LISC’s BIPOC Small Business Capital Access Program is an innovative addition to a growing number of local programs that help small business owners in historically excluded communities access the capital they need to build or grow,” said Katie Fessler, Senior Director of Community Impact at Altria. “Altria is proud to invest in this new initiative as part of our commitment to help advance racial, economic and social equity with our communities.”
“Community Foundation‘s Fund for Entrepreneurial Growth, which is focused on enhancing opportunities for entrepreneurs and small businesses in the region as well as educating youth about entrepreneurship, was excited to make an investment in LISC's BIPOC Small Business Capital Access Program. We believe that this program, which couples technical assistance and business coaching with 0% interest loans to BIPOC-owned small businesses, is an innovative and effective way to strengthen these businesses and encourage growth. Strong, expanding small businesses will lead to more jobs and stronger communities. We are proud to be partnering with LISC, Altria, Capital One, and the Women's Business Center of Richmond in this effort." - Scott Blackwell, Chief Community Impact Officer, Community Foundation for a greater Richmond
About LISC Virginia
LISC Virginia is the local office of LISC, one the country’s largest community development organizations, helping forge vibrant, resilient communities across America. For more than 30 years, LISC Virginia has worked with residents and community organizations across Central Virginia to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and places can thrive. LISC Virginia invests in the interconnected areas of housing, health, education, public safety, and employment. For more information, visit www.lisc.org/virginia
About the WBC Richmond
Launched in 2021, the Women’s Business Center of Richmond (WBC Richmond) is a program hosted by The National Institute of Economic Development and housed on the historic campus of Virginia Union University (www.vuu.edu/TheWBCRichmond). As a federally recognized 501c3 and grant recipient from the United States Small Business Administration, the WBC Richmond seeks to provide support and technical assistance to underserved women and minority business owners – aspiring and existing – leading to economic growth and asset attainment.