Banking On Diversity-Minority Business Fund Launched By Four Community Banks in Virginia and West Virginia
February 09 2021 - 9:00AM
(NASDAQ:FXNC) – First Bank announced today the launch of the
Banking on Diversity initiative, a minority business funding
program to improve and develop local communities.
The Banking on Diversity program was created through a
partnership of four community banks in the regions including
Suburban Northern Virginia, Northern Shenandoah Valley of Virginia,
the Eastern Panhandle of West Virginia, and Washington County,
Maryland. These community banks understand the importance and
benefit of having a diverse business community. In addition to
First Bank, sponsoring banks include Bank of Clarke County, BCT-
The Community’s Bank, and The Fauquier Bank.
The 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 banks’ markets.
There are two loan programs: one for start-ups and one for existing
businesses. The program is expected to include educational seminars
to support the evolution of the business. Qualified businesses may
receive only one loan.
Program Guidelines are as follows:
- Only available to for-profit businesses
- Must have MBE Certification (Minority Business Enterprise)
- Annual revenues cannot exceed $1MM (business) or $500k
(farms)
- Business must be located in counties of Clarke (VA), Fauquier
(VA), Frederick (VA), Loudoun (VA), Prince William (VA), Shenandoah
(VA), Warren (VA), city of Winchester (VA), Berkeley (WV),
Jefferson (WV) or Washington (MD)
- Annual individual loan amounts up to $50,000 (existing
business) or $10,000 (new business)
- New business must have been in existence for at least 3
months.
- Existing business must have been in existence for more than 2
years
- Ability to provide documentation as described below
To qualify as a minority-owned business, the business must be 51
percent owned and operated by one or more minority individuals who
are United States citizens or legal resident aliens – or – 51
percent equity ownership in a corporation, partnership, or LLC or
other entity and is owned by one or more minority individuals who
are United States citizens or legal resident aliens, and both the
management and daily business operations are controlled by one or
more minority individuals.
The Banking on Diversity program is open for application. Those
interested may apply by visiting a bank partner’s website or a
local branch of their choosing. Though not required, it is
encouraged for applicants to apply with a partner bank in their
geographic region. The websites of the banks are as follows:
- Bank of Clarke County:
www.bankofclarke.bank
- BCT-Bank of Charles Town: www.mybct.bank
- The Fauquier Bank: www.tfb.bank
- First Bank: www.fbvirginia.com
About First Bank
First National Corporation (NASDAQ:FXNC) is the parent company
and bank holding company of First Bank, a community bank that first
opened for business in 1907 in Strasburg, Virginia. The Bank offers
loan and deposit products and services through its website,
www.fbvirginia.com, its mobile banking platform, a network of ATMs
located throughout its market area, one loan production office, a
customer service center in a retirement community, and 14 bank
branch office locations located throughout the Shenandoah Valley,
the central regions of Virginia and in the city of Richmond. In
addition to providing traditional banking services, the Bank
operates a wealth management division under the name First Bank
Wealth Management. First Bank also owns First Bank Financial
Services, Inc., which invest in entities that provide investment
services and title insurance.
Media ContactKirstie SvehlaMarketing
Managerksvehla@fbvirginia.com
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