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NOVA Technology Loan Fund

The Freedom Bank of Virginia (Honorable Mention) - Fairfax, Virginia

2021 Community Commitment Awards Submission

  • Entry Category: Economic Inclusion
  • Asset Size: Small

The Freedom Bank of Virginia, partnering with the Northern Virginia Technology Council (NVTC) and the Community Business Partnership, Inc. (CBP), has launched a new ,000 revolving loan fund called the NOVA Technology Loan Fund (the Fund). Modeled as an extension of Freedom Bank’s successes with the Paycheck Protection Program (PPP), the new Fund focuses on economic inclusion by helping provide financing and technical assistance for minorities and entrepreneurs of color in the DC Region, specifically those located in Northern Virginia, who are suffering substantial economic injury because of the Coronavirus (COVID-19) pandemic.

The Fund is set up as a revolving loan fund seeded primarily by Freedom Bank and the Northern Virginia Technology Council along with additional funding partners. The Fund will be administered by the Community Business Partnership. Offering supplemental financing to local business owners who have been negatively impacted by the COVID-19 pandemic is an excellent way for Freedom Bank to get directly involved in the community by increasing access to capital and advice for those who are most in need during these difficult times.

Freedom Bank’s community-oriented efforts are further underscored by their lead sponsorship of the Washington Business Journal’s Small Business Recovery Series, a four-part series of seminars designed to deliver valuable insights and advice to small business owners who are managing through and emerging from the COVID-19 pandemic.