Freedom Bank to help finance new NOVA technology loan fund
FAIRFAX, Virginia, January 19, 2021 / PRNewswire / – The Freedom Bank of Virginia (OTCQX: FDVA) announced today that it will help finance a new $ 50,000 revolving credit fund called NOVA Technology Loan Fund (the Fund). The new fund will help provide funding and technical assistance to minorities and entrepreneurs of color in the DC region, particularly those located in Northern virginia, who are suffering substantial economic damage as a result of the coronavirus (COVID-19) epidemic. The Fund will be initiated by Freedom Bank and the Northern Virginia Technology Council (NVTC) and together, they will seek additional financial 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 the businesses hardest hit by the COVID-19 pandemic. We have granted interest and deferral of capital to nearly 100 clients representing $ 100 million in loans, originating $ 105 million in PPP loans for more than 500 clients, and $ 75 million in loans under the Main Street Loan Program. As an extension of our commitment to helping small businesses and promoting greater inclusion in the financial system, I am delighted with this opportunity to direct the funds we would normally spend on a corporate party and gifts to clients for prime the new Fund. Freedom Bank is dedicated in 2020 to helping customers and small businesses survive the COVID-19 pandemic and a reinvigorated commitment to diversity and inclusion initiatives. Therefore, this partnership is an ideal complement and a platform where Freedom and its program partners can make a real difference, ”said Joe thomas, President and CEO.
Community Business Partnership (CBP) began serving business owners in 1995 by providing them with access to capital, incubator services, advice, and business technical training. CBP is a 501c3 non-profit Virginia company based in Springfield, Virginia and is a federally certified Community Development Financial Institution (CDFI) through the US Treasury CDFI Fund.
NVTC is the trade association representing the Northern virginia technology community. As one of the nation’s largest tech boards, NVTC serves companies across all sectors of industry, from small businesses and startups to Fortune 100 tech companies, as well as service providers, academia, foreign embassies, non-profit organizations and government agencies. NVTC 24e The annual Greater Washington Technology CFO Awards was held virtually to recognize CFOs for their outstanding contributions to the performance of their businesses. The sponsors of the NVTC CFO Awards as well as NVTC donate a portion of the sponsorship dollars to the new Fund.
About the Freedom Bank
Freedom Bank (OTCQX: FDVA) is a new generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking and mortgage banking solutions using the expertise of bankers and innovative technology to establish privileged relationships with clients. Focusing on businesses, property owners and professionals Northern virginiaIn Metro DC, Freedom Bank focuses on key industry verticals to deliver unique and industry-specific solutions to help clients achieve their goals and fulfill their dreams. The Liberty Bank had total assets of $ 752 million at September 30, 2020 and locations in Fairfax, Vienna, To rest on, Manassas and Sweet whipped cream and a mortgage division also based in Sweet whipped cream. For more information on Freedom Bank, visit our website at www.freedom.bank.
Joseph J. Thomas
President and CEO
E-mail: [email protected]
SOURCE Bank for the Freedom of Virginia