Virginia Community Capital Encourages Redevelopment in Richmond
Virginia Community Capital, in partnership with Altria Group and the City of Richmond, has created a new loan fund program to identify small businesses who wish to relocate or expand along Richmond's Jefferson Davis Corridor. The corridor was once a thriving commercial area, but declined after the construction of I-95 rerouted traffic from the Jefferson Davis Highway. Today, despite bordering several historic neighborhoods, the corridor is an underserved area which suffers from abandoned structures and a high commercial vacancy rate. Virginia Community Capital hopes its new program will help bring tenants back to the area with a combination of interest rate buy downs, credit enhancements, technical assistance and Enterprise Zone incentives.