Funds will support COVID-19 Paycheck Protection Program (PPP) Lending
Henrico County, Virginia (April 22, 2020)
Virginia Community Capital (VCC), a community development financial institution that makes impact investments throughout the Commonwealth, has received a $2 million deposit from the Henrico Economic Development Authority (EDA).
The deposit with VCC Bank is an FDIC-insured, interest-bearing, risk-free account. Deposits with the bank allow VCC to reinvest the funds to grow sustainable communities in Virginia. The EDA’s deposit will provide the liquidity to secure loans for business owners and nonprofits through the Paycheck Protection Program (PPP), a federal COVID-19 relief loan managed by the U.S. Small Business Association (SBA). VCC is an approved SBA lender for the PPP loans, which are forgivable if borrowers meet certain criteria.
After approving $349 billion in loans, the SBA program was paused but is expected to be replenished this week with $310 billion through action by Congress and the President.
“The Henrico EDA’s deposit goes a long way toward helping VCC help small businesses and nonprofit organizations keep workers on the payroll in the wake of the coronavirus fallout,” said Wayne Waldrop, President of Lending & Community Innovation at VCC. “We thank the Henrico EDA for their support of our programs and trust in our team, who are committed to working closely with our partners and clients to continue supporting economic growth in Virginia.”
To date in Henrico, VCC has secured 19 loans for county businesses and nonprofits totaling more than $2.9 million. The businesses account for 226 jobs in the region. Across Virginia, VCC has secured 151 loans totaling $19.2 million and accounting for 2,207 jobs.
“We recognize that COVID-19 is a trying time for Henrico businesses,” said Anthony Romanello, Henrico EDA Executive Director. “In the last month, the County and the EDA have taken steps to shore up Henrico’s business community, including the Nourish Henrico program, through which Henrico restaurants provide meals to first responders, and the Board of Supervisors’ action to postpone penalty and interest on hotel, meals, real estate, personal property, and machinery & tools taxes. This deposit to VCC is one more way Henrico is there for our businesses. If our support means that our business community can endure its challenges, maintain its resiliency, and emerge stronger on the other side, we’re honored to help.”
About Virginia Community Capital
Virginia Community Capital (VCC) is a Community Development Financial Institution (CDFI) with a mission to create jobs, energize places, and promote an enhanced quality of life in our communities. With offices in Christiansburg, Norfolk, and Richmond, we offer innovative and flexible financing tools and professional advisory services to individuals and organizations in low-to-moderate-income and underserved communities. VCC’s subsidiary bank, VCC Bank, is an FDIC-insured, certified bank offering products tailored to socially conscious investors, along with personal and business checking, savings, and certificate of deposit accounts. VCC is also a certified B Corp. Learn more at vacommunitycapital.org.
About the Henrico EDA
Located in the heart of the Eastern Seaboard, Henrico is an AAA-bonded county located adjacent to Virginia’s capital city of Richmond. The EDA is your single point of contact for business development and site selection services. Find properties and run reports with our GIS tool at HenricoProperties.com. Visit Henrico.com for the latest news and to sign up to receive our Property Now and Henrico Now newsletters.