In early 2020, a group of volunteers and area bankers formed a team in response to the economic impacts of COVID-19. That group of volunteers is now known as Bridging Virginia (BVA), a non-profit community loan fund, which envisions communities where everyone can freely and easily access capital, build wealth, and grow their economic opportunities.

After facilitating more than $220,000 in financing during the pandemic, BVA aligned with the Metropolitan Business League (MBL) to launch the Capital Access Program, looking to close the gap of access to capital for historically marginalized small business owners and places. Following its collaboration with MBL, BVA was able to lend an additional $175,000, supporting local entrepreneurs like RichWine, PastryBase, and Creative NxGen. Since then, BVA has continued taking steps towards becoming a certified Community Development Financial Institution (CDFI), which will expand their capacity to support entrepreneurs and increase the amount of lending in the Richmond region. They were also recognized as MBL’s non-profit of the year in March!

To learn more about BVA and its impact on the greater Richmond region, as well as testimonials from small businesses supported through their financial products, check out their 2022 Impact Report.

---

Bridging Virginia is one of many entities across the Commonwealth working to create greater economic opportunity to low-income, low-wealth, and other disadvantaged people, businesses, and communities through equitable access to capital. Subscribe to the Virginia Main Street (VMS) blog today to get monthly updates on CDFIs and entities like them, and the critical work they do to transform Virginia’s economy.

Click here to find a CDFI or organization like them serving your area!

Photo Credit: RichWine