Four community banks launch $1M minority business fund

Eligible minority-owned small businesses and startups can receive up to $50K in funding

Published February 9, 2021 by Sydney Lake

The Bank of Clarke County announced Tuesday the launch of the Banking on Diversity initiative, a minority business funding program backed by Bank of Clarke County, BCT-Bank of Charles Town, The Fauquier Bank and First Bank.

The four community banks have collectively committed up to $1 million in interest-free loans to help startup and existing minority-owned small businesses in the banks’ markets. Loans of up to $50,000 will be available for existing businesses and up to $10,000 will be available to startups. The program is also expected to include educational seminars for business development.

Eligible applicants must have the following:

• Minority Business Enterprise (MBE) certification
• No more than $1 million in annual revenues
• Must be located in the counties of Clarke, Fauquier, Frederick, Loudoun, Prince William, Shenandoah, Warren or the city of Winchester. Funding is also available for businesses in Berkeley, West Virginia; Jefferson, West Virginia; or Washington County, Maryland.
• New businesses must have been in existence for at least three months
• Existing businesses must have been in existence for at least two years
• Must be able to show 51% ownership by one or more minority individuals who are U.S. citizens or legal resident aliens

Applications are open and those interested may visit a bank partner’s website including Bank of Clarke County, BCT-Bank of Charles Town, The Fauquier Bank and First Bank to apply.

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