Richmond, Virginia, has long been a hub for innovation and entrepreneurship. The city’s commitment to fostering a vibrant business community is evident through various programs and initiatives designed to support local entrepreneurs and small businesses. This article highlights some of the key resources available to those looking to start or grow their ventures in Richmond.
Black Business Accelerator Program
The Black Business Accelerator Program aims to propel African American businesses to a level where they can compete equally with more established enterprises. Recognizing that many African American entrepreneurs are first-generation business owners without legacy networks, the program offers six sessions focusing on business stability and operational efficiency. Participants engage in workshops covering topics such as business planning, financial management, and marketing strategies. The program culminates in a certificate awarding and networking session, providing valuable connections within the business community. For more information, visit the Central Virginia African American Chamber of Commerce’s website.
Office of Minority Business Development
The City of Richmond’s Office of Minority Business Development (OMBD) provides a broad range of technical assistance to minority and small businesses. Their services include business technical assistance, start-up and growth development, one-on-one counseling, business assessments, and development workshops. OMBD also offers registration and certification assistance, as well as financial counseling and referrals. These resources are designed to positively impact minority vendor performance and provide outstanding customer service. For more details, visit the OMBD’s website.
JPMorgan Chase’s Support for Small Businesses
In March 2025, JPMorgan Chase announced a $780,000 philanthropic investment to support Richmond’s growing small business community. This funding aims to expand services and programs for underserved entrepreneurs, providing more equitable access to capital, mentorship, technical assistance, and other critical resources needed for business growth. The investment supports programs like the Metropolitan Business League, which connects entrepreneurs in historically underserved communities to resources and opportunities.
Activation Capital
Activation Capital is dedicated to growing life sciences and advanced technology startups in Central Virginia. They lead entrepreneurship and ecosystem development by offering curated innovation events for startup founders, investors, mentors, and corporate leaders. Their initiatives aim to expand innovation opportunities to everyone in the region, fostering a collaborative environment for business growth. To learn more about their programs and events, visit Activation Capital’s website.
Virginia State University’s Center for Entrepreneurship
The Center for Entrepreneurship at Virginia State University’s Reginald F. Lewis College of Business serves as an education, research, networking, and business planning hub for entrepreneurs in Central Virginia. Launched in September 2016, the center assists the region’s large minority, military and veteran, and student populations with launching and operating successful, socially responsible ventures. They offer entrepreneurship education programs, develop research on minority entrepreneurship, and host networking events and expert speakers for the local and student community. More information can be found on their website.
RVA Works
RVA Works connects, inspires, educates, and empowers entrepreneurs through public events and cohort-based business acceleration. They offer educational events, business advice, credit counseling, and referrals to lenders. RVA Works is also a promotional partner for 1 Million Cups events, a national program designed to help entrepreneurs identify opportunities and overcome challenges. For more information, visit their Meetup page.
Building Entrepreneurial Economies Grant
The Building Entrepreneurial Economies (BEE) Grant is Virginia’s commitment to micro-entrepreneurship. BEE provides grants and technical assistance to regional and local micro-enterprise development organizations that specialize in assisting non-traditional entrepreneurs. This assistance includes pre-concept counseling, business plan development, credit repair and counseling, credit access, and continuing technical assistance. To learn more, visit Opportunity SWVA’s website.
OHUB x RVA High-Growth Company Building Initiative
Activation Capital and Opportunity Hub have partnered to build a Black technology, startup, and venture ecosystem in Greater Richmond and Central Virginia. The High-Growth Company Building Initiative provides access to entrepreneurship support, training, and capital opportunities that have historically been out of reach for Black and brown founders building high-growth, venture-backable companies. The program includes a launch event and a one-day startup masterclass. More details are available on Opportunity Hub’s website.
Richmond’s entrepreneurial ecosystem is rich with resources and support systems designed to foster business growth and economic development. By leveraging these programs, local entrepreneurs can access the tools and networks necessary to succeed in today’s competitive market.