The NOVA Technology Loan Fund is designed to help minority/people of color entrepreneurs in the technology industry located in Northern Virginia who are suffering substantial economic injury because of the COVID-19 economic downturn. It is a revolving loan fund funded by the Freedom Bank and Northern Virginia Technology Council.


  • Must have suffered measurable economic losses because of COVID-19.
  • For-Profit businesses with 50 or fewer total employees
  • Must be a technology company.
  • Must be a minority/people of color.
  • Have been in operations for at least one (1) year.
  • Must have no outstanding Federal or State tax liens.

Rates, Terms, Costs

  • Amount: $5,000-$20,000 per business
  • Interest rate:  Prime+0% to Prime + 3%
  • Terms: 6 years
  • Application start date: Currently accepting applications.


Anyone with >20% of ownership needs to provide all the required documentation:

  • Loan Application (provided by CBP)
  • Credit Authorization (provided by CBP)
  • Business Summary Form(provided by CBP)
  • Personal Financial Statement from each guarantor (provided by CBP)
  • Current Debt Schedule (business/provided by CBP)
  • Tax Returns (2 years – Personal & Business)
  • Profit & Loss Statement (Current year-to-date)
  • Balance Sheet (Current year-to-date)
  • Contract backlog report (if available)
  • AR/AP aging report (if available)

For more information click here