Freedom Bank to Assist in Funding the New NOVA Technology Loan Fund
The Freedom Bank of Virginia (OTCQX: FDVA) announced today that it will assist in funding a new $50,000 revolving loan fund called the NOVA Technology Loan Fund (the Fund). The new Fund will help provide financing and technical assistance for minorities and entrepreneurs of color in the DC Region, specifically those located in Northern Virginia, who are suffering substantial economic injury because of the Coronavirus (COVID-19) outbreak. The Fund will be seeded by Freedom Bank and the Northern Virginia Technology Council (NVTC) and together they will seek additional funding partners. The Fund will be administered by the Community Business Partnership, Inc. (CBP).
“Freedom Bank played a huge role in the local small business community in 2020 by supporting those companies most hard hit by the COVID-19 pandemic. We provided interest and principal deferral to close to 100 clients representing $100 million in loans, originated $105 million in PPP loans for over 500 clients, and completed $75million in loans under the Main Street Lending Program. As an extension of our commitment to helping small businesses and promoting more inclusion in the financial system, I am excited for this opportunity to direct the funds we would normally spend on a corporate holiday party and client gifts to seed the new Fund. Freedom Bank dedicated itself in 2020 to helping clients and small businesses survive the COVID-19 pandemic and to a reinvigorated commitment to diversity and inclusion initiatives. Therefore, this partnership is an ideal fit and a platform where Freedom and its program partners can make a real difference,” said Joe Thomas, President and CEO.
Community Business Partnership (CBP) started serving business owners in 1995 by providing access to capital, incubator services, counseling, and business technical training. CBP is a 501c3 non-profit Virginia corporation based in Springfield, VA and is a federally-certified Community Development Financial Institution (CDFI) through the U.S. Treasury CDFI Fund.
NVTC is the trade association representing the Northern Virginia technology community. As one of the nation's largest technology councils, NVTC serves companies from all sectors of the industry, from small businesses and startups to Fortune 100 technology companies, as well as service providers, academic institutions, foreign embassies, nonprofit organizations and government agencies. NVTC’s 24th annual Greater Washington Technology CFO Awards event was held virtually to recognize CFOs for outstanding contributions to their companies’ performances. The sponsors of the NVTC CFO Awards together with NVTC are donating a portion of the sponsorship dollars to the new Fund.
Joseph J. Thomas, President & Chief Executive Officer
Please Note: E-mail is not a secure form of communication. Please do not send any confidential information using this form. This includes account numbers, social security numbers and password or PIN information.