RICHRVA: Resource Information Connection HUB

Richmond Virginia is an area rich in culture, rich in history and now it’s time for its community-based business owners to be RICH in resources and money. Behold RICHRVA the Resource Information Connection HUB a small business ecosystem. At RICHRVA, we are committed to promoting economic growth, empowerment, and equality within our community. Our platform aims to connect the general public with a selection of various businesses in Richmond, Virginia, and help foster a thriving and inclusive entrepreneurial ecosystem.

Key Findings from the Assessment

  • There are disparities in small business ownership, revenue, and employment across Greater Richmond that persist for entrepreneurs of color. Move Small Businesses in RVA information here.
  • There has been a historic unmet demand of $5 billion in capital for small businesses in Richmond annually, with disproportionately low rates of lending in Black and Latino(a) neighborhoods on the East and South sides.
  • Richmond is home to a culture of innovation that fosters high-growth startups; however, additional resources are needed to grow microbusinesses in communities of color.
  • Business owners of color in Greater Richmond lack awareness and access to the services they need to startup, sustain, and scale their businesses.
  • Richmond’s small business ecosystem requires heightened coordination and the corresponding resources across the city and surrounding counties needed to best serve the region’s small businesses.

Small Business in RVA

A critical driver of the Greater Richmond regional economy

0 K

Small Business
(<50 employees)

0 K

Employees of
Small Businesses

0 K

Sole
Proprietors

0 %

Local
Workforce

… yet, disparities in ownership and revenue persist

Note: Totals sum to over 100% due to separate segmentations by race (i.e. White, Black and Asian populations) and ethnicity (i.e. Latino(a) populations), as reported by the U.S. Census.

Population

Firms

Revenue

White

61%
87%
95%

Black

29%
5%
2%

Latino(a)

7%
2%
1%

Asian

5%
8%
3%

Closing the Racial Wealth Gap in RVA

 Greater RVA Small Business Ecosystem stakeholders are working together to implement the solutions summarized below.