Wells Fargo & Co., Virginia’s third-largest bank by 2019 deposits, announced Thursday it has donated $1.5 million to Richmond-based nonprofit Virginia Community Capital (VCC) to help local minority and/or woman-owned small businesses stay open and save jobs amid the pandemic.
During the next two years, the VCC will disburse $1 million of the funding in small business loans across the Richmond region. Eligible businesses can apply for loans of $50,000 to $250,000 with 3% interest, which can be used toward business acquisition, debt refinancing, equipment financing, owner-occupied real estate and working capital lines of credit.
Businesses located in the Richmond region that are minority and/or woman-owned and that have been in operation for at least 18 months can apply.
