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February 9, 2021

Bank offers interest-free minority business loans

Four community banks in the region collectively have committed up to $1 million for interest-free loans to minority-owned businesses in their markets.
The Fauquier Bank and three of its peers on Tuesday announced the launch of “Banking on Diversity,” a minority business funding program to improve and develop their communities.

The four community banks collectively have committed up to $1 million in interest-free loans to aid startup and existing minority-owned small businesses in their markets.

The imitative includes The Bank of Charles Town/The Community’s Bank, the Bank of Clarke County and First Bank, based in Strasburg.

The program will include educational seminars to support the evolution of the businesses. Qualified businesses may receive only one loan.

The program guidelines include:

• For profit businesses only.

• Must have Minority Business Enterprise certification.

• Annual revenues cannot exceed $1 million for a business or $500,000 a farm.

• Virginia applicants must be in Fauquier, Clarke, Frederick, Loudoun, Prince William, Shenandoah or Warren counties or the City Winchester.

• Annual individual loan amounts up to $50,000 for an existing business or $10,000 for a startup.

• New business must have been in existence for at least three months.

• Existing business must have been in existence for more than two years • Ability to provide documentation as described below

To qualify, a business must be 51-percent owned and operated by one or more minority United States citizens or legal resident aliens.

Those interested may apply on the banks’ websites or at their branches
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DonkeyFarmer · February 22, 2021 at 10:28 pm
Wow, what a disgusting racist bank. Interest free loans as long as you are not white and male.

I think we have laws against this? Fair lending?

If you are white you should probably close your account at TFB. They don't want you.
palexiandre · February 22, 2021 at 5:06 am
When you do investments, you minimize the chances of failure, just like in business. The main thing is to do it with intelligence. I closed my business and started investing in coinigy charts and it was the best decision of my life.
AngryBob · February 16, 2021 at 12:15 pm
That's racism.
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