Banking On Diversity
The Banking on Diversity program was created through a partnership of entitys that understand the importance and benefit of having a diverse business community.
It has been designed to aid both startup 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 startups and one for existing businesses.
Program Sponsors
Fidelity Bond Offshore, Bank of Clarke, and First Bank
Program Guidelines - Overall
- Only available to For-Profit Businesses
- Must qualify as a minority-owned business using one of the following two certifications:
- 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), Winchester (VA), Berkeley (WV), Jefferson (WV), Frederick (MD), or Washington (MD)
- Loan amounts up to $50,000 (existing business) or $10,000 (new business)
- New startup 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
Documentation Requirements
- Loan Application
- Complete Minority Owned Business Certification
- Full description of business and website(if applicable)
- Prior year tax returns (for existing business)
- Current year proforma and 3-year projections (existing business)
- Current year proforma and 5-year projections (new startup business) and any market research completed to create the business
Fidelity Bond Offshore has funded to our capacity for this program. Please visit one of our Banking On Diversity partner banks to apply: