Funding Capital for Small Businesses

Governor Abigail Spanberger today announced $2.48 million in strategic investments through the Commonwealth’s Capital for Communities Fund (CCCF), supporting six transformative projects that will expand access to financing for small businesses and entrepreneurs across Virginia.

The CCCF drives economic growth in Virginia by empowering mission-driven lenders to serve communities lacking banking options. These investments open doors for small businesses, housing development, and community revitalization, ensuring every region of the Commonwealth can share in Virginia’s prosperity.

“Virginia’s strength lies in the resilience and creativity of our communities. By investing in these organizations, we are providing capital and unlocking opportunity for entrepreneurs, families, and communities across the Commonwealth,” said Governor Abigail Spanberger. “These projects will help ensure that every Virginian can participate in and benefit from our growing economy.”

Created to close gaps in the financial landscape, CCCF provides grants to Community Development Financial Institutions (CDFIs) and similar organizations. These grants help offset the risks associated with small loans and micro-lending while fostering innovative financing solutions for entrepreneurs and community developers.

“Access to capital is essential for small business growth and community resilience,” said Secretary of Commerce and Trade Carrie Chenery. “The Commonwealth’s Capital for Communities Fund leads to more businesses launched, more jobs created, and more communities thriving.”

The six awarded projects are expected to deliver more than $3.8 million in capital to more than 120 borrowers, support 562 businesses with loans or technical assistance, create or retain more than 200 jobs, and accelerate the development of up to 250 new housing units.

“The CCCF builds ecosystems where businesses and housing projects can flourish,” said Tamarah Holmes, Director of the Virginia Department of Housing and Community Development. “By partnering with community-based lenders, we’re creating pathways for sustainable growth and ensuring that underserved regions have the tools to prosper for generations to come.”

For more information on CCCF, visit dhcd.virginia.gov/cccf.

Awardees are:

Bridging Virginia: Capital Access Hub 2026-2028 | $436,000

Regions 4 & 5: Chesterfield County, City of Colonial Heights, Hanover County, Henrico County, City of Hopewell, City of Newport News, City of Norfolk, City of Petersburg, City of Portsmouth, City of Richmond, City of Virginia Beach

Bridging Virginia will use this funding to increase its loan pool and expand post-loan capital support services to its borrowers. During the contract period, Bridging Virginia proposes to deploy $1.2 million to 40 borrowers, supporting 35 businesses and creating 50 jobs.

Community Investment Collaborative (CIC): Scaling Small Business and Microlending in Virginia | $436,000

Regions 3 & 9: Albemarle County, Amelia County, Brunswick County, Buckingham County, Charlotte County, City of Charlottesville, Culpeper County, Cumberland County, City of Danville, City of Emporia, Fauquier County, Fluvanna County, Greene County, Halifax County, Louisa County, Lunenburg County, Madison County, City of Martinsville, Mecklenburg County, Nelson County, Nottoway County, Orange County, Patrick County, Pittsylvania County, Prince Edward County, Rappahannock County

CIC will use funds to deploy $696,000 in loans and microgrants to 55 entrepreneurs, supporting 150 businesses and creating 105 jobs. CIC anticipates repayment of CCCF-funded loans will position them to deploy over $11 million in the next 5 years.

ECDC Enterprise Development Group: Microloan Service Expansion in Virginia | $436,000

Regions 6, 7, & 9: Arlington County, City of Alexandria, Town of Clifton, Culpeper County, City of Fairfax, Fairfax County, City of Falls Church, City of Fredericksburg, Town of Front Royal, Town of Haymarket, Town of Herndon, King George County, Loudon County, City of Manassas, City of Manassas Park, Prince George County, Prince William County, Town of Vienna

ECDC Enterprise Development Group will use funds to deploy $620,000 in loans and support 30 borrowers through loan restructuring, microloans, and sector-specific technical assistance. ECDC will also expand its products into additional service areas, including the Cities of Fredericksburg, Manassas, and Manassas Park, and Clarke, Spotsylvania, and Warren Counties.

People Incorporated Financial Services: CCCF 2025-2026 | $436,000

Regions 1, 2, 8, & 9: Bedford County, Town of Bedford, Bland County, City of Bristol, Buchanan County, City of Buena Vista, Clarke County, City of Covington, Culpeper County, Dickenson County, Fauquier County, Franklin County, Frederick County, City of Galax, Grayson County, Lee County, City of Manassas, City of Manassas Park, Montgomery County, City of Norton, Page County, Patrick County, Prince William County, Pulaski County, City of Radford, Rappahannock County, Roanoke County, City of Roanoke, Russell County, Scott County, Shenandoah County, Smyth County, Tazewell County, Warren County, Washington County, City of Winchester, Wise County, Wythe County

People Inc. will launch a rural community builder and entrepreneurs’ initiative addressing ownership and appraisal gaps in rural downtowns, specifically Virginia Main Street communities. By pairing $82,500 in grants and $420,000 in loans with technical assistance, they will support 50 businesses, providing 20 loans and creating 10-20 jobs.

Virginia Community Development Fund (VCDF): VCDF CCCF 2026 | $436,000

Regions 1, 4, & 9: City of Charlottesville, Town of Jarratt, Town of Saltville, Smyth County, Sussex County, Wythe County, Town of Wytheville

The VCDF will deploy $690,000 in affordable housing developer loans to support three to four housing developments across the state, creating 100-150 units and supporting 30 distressed communities with economic development plans. Funds will also support the continuation of VCDF’s training to non-profits on utilizing New Market Tax Credits.

Local Initiatives Support Corporation: LISC Virginia HDTI Working Capital Recoverable Grant Program | $300,000

All regions

Local Initiatives Support Corporation (LISC) will use funds to expand its Housing Developer Training Institute Working Capital Recoverable Grant pool, which delivers 0% interest loans and technical assistance to affordable housing developers statewide. As a result, LISC will support the expansion of five housing developers and facilitate approximately 100 new affordable housing units.