Business Loan and Grant Programs

This is the complete list of all business loan and grant programs available to help reduce the costs purchase, refinancing, rehabilitation, and other costs associated with the purchase of a property. For complete details and information on participation in these programs, contact the organization directly.

• City of Richmond - Department of Economic Development
• Virginia Department of Housing & Community Development (VDHCD)

City of Richmond - Department of Economic Development

Commercial Area Revitalization Effort (CARE) Loans - Commercial Buildings Only)
The City with its partners provides technical assistance, business loans and grants for businesses and property owners in certain older neighborhood commercial strips. A minor loan for under $125,000 for fifteen (15) years with an interest rate of three (3) percent is available. For those needing between $125,001 and $200,000, a loan for ten (10) years is available at three percent and it can be extended beyond ten years at the current market rate. For those individuals needing over $200,000 a loan of three (3) percent can be given with a balloon payment rate after ten years. For more information on this grant call: Denise Lawrus at (804) 646-3975 or visit them online at the Economic Development web page.

Grow the Ward Fund - Jackson Ward Only
This new program is designed to help businesses located in Neighborhoods in Bloom commercial corridors with loans up to $20,000 for working capital, rehabilitation, acquisitions, machinery, and equipment. The loans must create jobs, reduce blight, or provide needed services for low to moderate income residents. For more information on this grant call Denise Lawrus at (804) 646-3975 or visit them online at the Economic Development web page.

Neighborhood in Bloom Revolving Loan Fund
This new program is designed to help businesses located in Neighborhoods in Bloom commercial corridors with loans up to $20,000 for working capital, rehabilitation, acquisitions, machinery, and equipment. The loans must create jobs, reduce blight, or provide needed services for low to moderate income residents. For more information on this grant call Denise Lawrus at (804) 646-3975 or visit them online at the Economic Development web page.

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Virginia Department of Housing & Community Development (VDHCD)

Job Grants
Job Grants are available for positions created by business start-ups and expansions by existing firms in amounts equal to $1000 for positions filled by zone residents and $500 for any other positions for each year in a three-year period. The maximum amount a business can receive in one year is $100,000. The program is only available for businesses in State designated Enterprise Zones. For more information on this program call VDHCD at (804) 371-7030.

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