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Roanoke News

Posted on: April 4, 2022

Roanoke Capital Access Fund for City of Roanoke Small Local Businesses Now Available

Roanoke Economic Development

The City of Roanoke’s Economic Development Authority “EDA” is pleased to announce a partnership with Freedom First offering Roanoke City licensed businesses the opportunity to apply for a business loan through the Roanoke Capital Access Fund.

 

In order to apply, City of Roanoke businesses must hold a current business license, must utilize accelerator and mentoring programs including the Regional Accelerator and Mentoring Program “RAMP”, the Advancement Foundation’s Gauntlet, or the Roanoke Small Business Development Center, and must be entrepreneurs, businesses and/or higher education professionals working to create opportunities and success in research, healthcare and technology.  

 

Chairman of the Roanoke EDA Braxton Naff commented “We are excited to partner with Freedom First on this new opportunity for our small business community.  This Capitol Access Fund will enrich the City of Roanoke with additional business growth, further stimulating our robust economy.”

 

The Economic Development Authority (EDA), formed in 1968 by Roanoke City Council, is an Industrial Development Authority existing under the Virginia Industrial Development and Revenue Bond Act. Seven directors, serving staggered four-year terms, work closely with the City of Roanoke’s Department of Economic Development to serve the business community of the city.

 

Eligibility requirements for the Capital Access Fund can be found by clicking here.

 

Freedom First CEO Paul Phillips stated, “The EDA’s partnership with Freedom First on the Roanoke Capital Access Fund is very important as we work to align our opportunities with the needs of our City of Roanoke small businesses.  By collaborating on this initiative, we are able to provide necessary capital to small businesses specializing in the Innovation Corridor industries of healthcare and technology, where the potential for job creation is significant.”

 

Freedom First provides a wide range of banking services for people and businesses in the Roanoke, New River, and Shenandoah Valleys as well as throughout Central and Southwest Virginia. With $900 million in assets, Freedom First is headquartered in downtown Roanoke, VA and is led by a volunteer Board of Directors representing the community.

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