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
Small Business
(<50 employees)
Employees of
Small Businesses
Sole
Proprietors
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
Black
Latino(a)
Asian
Closing the Racial Wealth Gap in RVA
Greater RVA Small Business Ecosystem stakeholders are working together to implement the solutions summarized below.