Independent Banker - July 2021 - 76

CONNECTIONS COMMUNITY SPIRIT
Rations Spaceport received an interest-free loan from Bank of Charles Town through the Banking on Diversity Minority Business Fund, a $1 million
program put together by four area community banks. Pictured: Alice P. Frazier, president and CEO of Bank of Charles Town; Rations Spaceport's
Tre Shafer, Dan Jimeno, Sarah Shafer and Dedrik Shafer; and Bank of Charles Town's Stephanie Magnus, commercial loan assistant.
Banking on minorityowned
businesses
Four community banks came together to launch a $1 million interest-free
loan program to help local business owners who have faced barriers to the
traditional banking system. By Margaret Littman
M
inority business owners and
entrepreneurs in Virginia,
West Virginia and Maryland have
a new path to obtaining credit
thanks to a new initiative from four
community banks.
The Banking on Diversity Minority
Business Fund launched in February
as a collaborative effort of Bank
of Charles Town, Bank of Clarke
County, Virginia National Bank and
First Bank, which are led by Alice P.
Frazier, Brandon Lorey, Scott Harvard
and Glenn W. Rust respectively.
The $1 million program provides
interest-free loans to minority-owned
businesses that may not otherwise
have access to credit.
76 Q ICBA Independent Banker Q July 2021
The effort is the result of months
of planning among leaders of the
banks, who over the past year held
discussions on how they could help
customers during the pandemic.
Then, civil unrest after the murder of
George Floyd in Minneapolis in May
2020 led to marches in the banks'
communities. Some bank employees
participated, bringing these
conversations into the workplace.
" My eyes were opened to what
we don't know, " says Harvard, CEO
of $1 billion-asset FirstBank in
Strasburg, Va. " It created awareness
for me when we saw the protests
and the statements made across the
[state] and the country about systemic
racism. It brought home to roost the

Independent Banker - July 2021

Table of Contents for the Digital Edition of Independent Banker - July 2021

Table of Contents
Independent Banker - July 2021 - Cover1
Independent Banker - July 2021 - Cover2
Independent Banker - July 2021 - Table of Contents
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