Free Grants and Loans for Minority and Women Owned Businesses in Virginia

Last Updated on August 23, 2023 by Hannah Stevens

Small businesses can get funding from the Commonwealth of Virginia. Below is a list of available free grants and/or loans for small businesses in your area. However, these programs focus on financing women and minority owned businesses. These grants or loans may also be available for Black, Latinos, Asians, immigrants, and LGBTQ+ owned businesses, as well as for other groups. Virginia works in conjunction with credit unions, banks, charities, government agencies and community lenders to provide funds in your area, including Richmond, Fairfax, Northern Virginia, and other towns and cities.

Each agency and program have its own application process. Moreover, these free grants or loans in Virginia can help you to start or grow an existing business, or help entrepreneurs get started. Assistance may come as interest free loans, or they may have affordable repayment terms. This list of Virginia grants, loans and other assistance will be continually updated. The funds available are for veterans, MWBE, and BIPOC (Black Indigenous, People of Color), as well as grants for women owned businesses in Virginia.

Small Business Loans and Free Grants for Virginia

You can find a list of current and ongoing loans, grants and funding available for small businesses in Virginia. This list is up to date, and the latest announcements are at the top. While older announcements and press releases are at the bottom.

Year Round Free Grants, Business Coaching, and Financial Resources

Charlottesville’s Minority Business Program

This program provides ongoing, year-round support. The Business Equity Fund may occasionally provide financial assistance. These are called free “mini-grants.” The funds are for operating expenses such as rent, utilities, inventory, web hosting, and other costs. The center also offers other resources for Black, Latino, Women, and other disadvantaged owned businesses in the city. These resources include mentoring, counseling, technical assistance, networking, and more. Click the link above to apply.

Minority Business Alliance of the Charlottesville Regional Chamber of Commerce

This is another non-profit organization for the community. They provide various services for Black, Latino and other minority owned businesses. One of these is the MBA Endurance Fund, which is a grant-service. Click the link above for more details.

New Hill Development Corporation

New Hill Development Corporation offers the Black Entrepreneurial Advancement and Community Opportunity Network to assist Charlottesville-based food, beverage and meal business owners. This non-profit social service agency provides information about capital, business plan development, economic development, and other issues for African Americans. Click the link above to find out more.

Latino Economic Development Center

The Latino Economic Development Center in Fairfax County, Virginia provides assistance, such as a micro-loan fund, for Latino owned businesses in the area. This non-profit also supports all of Northern Virginia, with a special focus on low-income Latino communities. Furthermore, you can get loans, financial management services, information on raising capital, and more free advice as well. Click the link above to find out more.

This is quite similar to one of the free grants and loans for minority and women owned businesses in Washington, the Tri-Cities Hispanic Chamber of Commerce.

Foodshed Capital

The state supports food businesses and farmers, including MWBE farmers, who are a small minority. The Black Farmer Fund, microlending, technical advice, and advice on the best seeds, growing techniques, and more are available. Click the link above to learn more about the agency.

Joshua Hand

The non-profit Joshua Hand provides assistance for MWBE businesses in Fredericksburg. This organization might have funds, in the form grant applications or low-cost loans, to assist minority owned businesses with their capital needs. It is a faith-based charity, which provides capital, professional development, workshops on business skills, and a lot more. Furthermore, the non-profit also works with Growth Church to provide this assistance. Click the link above for more information.

B³ (Brown Owned Business Growth Program)

A program called B3, or Black and Brown Owned Business Growth Program, offers assistance for businesses owned by people of color in Harrisonburg and Rockingham. It has several aspects, such as business plan development, networking, help in getting business funding/capital/loans, and a lot more. This service is available to Black and Brown entrepreneurs. Click the link above to find out more. 

Northern Virginia Technology Council (NVTC)

Minority-owned businesses located in Northern Virginia may access resolving loans. The Freedom Bank of Virginia and the non-profit Northern Virginia Technology Council (NVTC) offer assistance. However, Fairfax County has a large portion of the funding. You may get capital, low-cost resolving loans, incubator services, free counseling, and more. Click the link above to continue reading. 

Richmond Metropolitan Business League (MBL)

This non-profit provides information about a variety of microloan programs, grants, and small business assistance. While the majority of their focus is on women-owned, veteran-owned, and minority-owned businesses, anyone can apply/join. They also operate the City Point Innovation Resource Center (CIRC) and many other programs. Click the link above to find out more about the non-profit organization here.

This is quite similar to one of the free grants and loans for minority and women owned businesses in Washington DC, the DSLBD’s Certified Business Enterprise (CBE).

Jackson Ward Collective

The Jackson Ward Collective can provide assistance for Black-owned businesses in Richmond. They focus on Black entrepreneurs, or those who have an idea but need help. You may learn how to create a business plan, get financing with free government grants or microloans, build credit, and many other topics. Additionally, this is a safe space that allows you to share ideas, and get short- or long-term support. Click the link above to find out more about the agency.

This is quite similar to one of the free grants and loans for minority and women owned businesses in Vermont, the Brattleboro Development Credit Corporation.