Welcome to RICHRVA!
At RICHRVA, we believe in the power of entrepreneurship and small businesses to transform communities. We are a dynamic organization dedicated to fostering an environment where entrepreneurs and small business owners can thrive, and where potential donors can make a meaningful impact.
Our Vision for RICHRVA
At RICHRVA, we think entrepreneurs and small businesses can make a big difference in communities. We’re here to create a supportive space where entrepreneurs and small business owners can do well, and where our partners can contribute meaningfully.
Building RICHRVA
In the fall of 2020, in partnership with JPMC Global Philanthropy, Next Street, Common Future, Greater RVA Small Business stakeholders launched an initiative to assess the state of the small business ecosystem with Black and Brown entrepreneurs.
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.
Project Leads
Carol Reese
ReeSources, Inc.
Shirley Crawford
Women’s Business Center
Tracy Lewis
Lewis & Associates LLC