WARRENTON, Va., Feb. 9, 2021 /PRNewswire/ -- Fauquier
Bankshares, Inc. (NASDAQ: FBSS) and its principal subsidiary, The
Fauquier Bank, are pleased to announce the launch of the Banking on
Diversity initiative, a minority business funding program to
improve and develop local communities.
The Banking on Diversity program was created through a
partnership of four community banks in the regions including
Suburban Northern Virginia, Northern Shenandoah Valley of
Virginia, the Eastern Panhandle of
West Virginia, and Washington County, Maryland. These
community banks understand the importance and benefit of having a
diverse business community. In addition to The Fauquier Bank,
sponsoring banks include BCT- The Community's Bank, Bank of
Clarke County, and First
Bank.
The banks have collectively committed up to $1 million in interest-free loans to aid both
startup and existing minority-owned small businesses within the
sponsoring community banks' markets. There are two loan
programs: one for start-ups and one for existing businesses. The
program is expected to include educational seminars to support the
evolution of the business. Qualified businesses may receive
only one loan.
Program Guidelines are as follows:
- For profit businesses only, non-profit businesses are not
eligible
- Must have MBE Certification (Minority Business Enterprise)
- Annual revenues cannot exceed $1MM (business) or $500k (farms)
- Business must be located in counties of Clarke (VA), Fauquier (VA), Frederick (VA), Loudoun (VA), Prince
William (VA), Shenandoah
(VA), Warren (VA), city of
Winchester (VA), Berkeley (WV), Jefferson (WV) or Washington (MD)
- Annual individual loan amounts up to $50,000 (existing business) or $10,000 (new business)
- New business must have been in existence for at least 3
months.
- Existing business must have been in existence for more than 2
years
- Ability to provide documentation as described below
To qualify as a minority-owned business, the business must be 51
percent owned and operated by one or more minority individuals who
are United States citizens or
legal resident aliens – or – 51 percent equity ownership in a
corporation, partnership, or LLC or other entity and is owned by
one or more minority individuals who are United States citizens or legal resident
aliens, and both the management and daily business operations are
controlled by one or more minority individuals.
The Banking on Diversity program is open for application.
Those interested may apply by visiting a bank partner's website or
a local branch of their choosing. Though not required, it is
encouraged for applicants to apply with a partner bank in their
geographic region. The websites of the banks are as
follows:
- Bank of Clarke County:
www.bankofclarke.bank
- BCT-Bank of Charles Town:
www.mybct.bank
- The Fauquier Bank: www.tfb.bank
- First Bank: www.fbvirginia.com
About The Fauquier Bank
Fauquier Bankshares, Inc. and its principal subsidiary, The
Fauquier Bank, had combined assets of $867.2
million and total shareholders' equity of $72.5 million at December
31, 2020. The Fauquier Bank, is an independent community
bank offering a full range of financial services, including
internet banking, mobile banking, commercial, retail, insurance,
wealth management, and financial planning services through eleven
banking offices throughout Fauquier and Prince
William counties in Virginia. Additional information is available
at www.TFB.bank or by calling: (800) 638-3798.
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SOURCE Fauquier Bankshares, Inc.