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To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to accept funds in the amount of $150,000.00 from the Commonwealth of Virginia, and to amend the Fiscal Year 2025-2026 Special Fund Budget by creating a new special fund for the Department of Economic Development entitled “Capital Access Special Fund” and appropriating the increase to the Department of Economic Development’s “Capital Access Special Fund” by $150,000.00 for the purpose of providing funding to the Metropolitan Business League and Bridging Virginia for the Capital Access Program.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That the Chief Administrative Officer, for and on behalf of the City of Richmond, is hereby authorized to accept funds in the amount of $150,000.00 from the Commonwealth of Virginia for the purpose of providing funding to the Metropolitan Business League and Bridging Virginia for the Capital Access Program.
§ 2. That Article I, Section 2 of Ordinance No. 2025-057, adopted May 12, 2025, which adopted a Special Fund Budget for the fiscal year commencing July 1, 2025, and ending June 30, 2026, and made appropriations pursuant thereto, be and is hereby amended by creating a new special fund for the Department of Economic Development entitled “Capital Access Special Fund” for the purpose of providing funding to the Metropolitan Business League and Bridging Virginia for the Capital Access Program.
§ 3. That the funds received from the Commonwealth of Virginia are hereby appropriated to the Special Fund Budget for the fiscal year commencing July 1, 2025, and ending June 30, 2026, by increasing estimated revenues by $150,000.00, increasing the amount appropriated for expenditures by $150,000.00, and allotting to the Department of Economic Development’s “Capital Access Special Fund” the sum of $150,000.00 for the purpose of providing funding to the Metropolitan Business League and Bridging Virginia with funding for the Capital Access Program.
§ 4. This ordinance shall be in force and effect upon adoption.
City of Richmond
Intracity Correspondence
O&R Transmittal
DATE: October 8, 2025
TO: The Honorable Members of City Council
THROUGH: The Honorable Dr. Danny Avula, Mayor
THROUGH: Odie Donald II, Chief Administrative Officer
THROUGH: Tanikia Jackson, DCAO, Finance and Administration
THROUGH: Letitia Shelton, Director of Finance
THROUGH: Meghan Brown, Director of Budget
THROUGH: Sharon Ebert, Deputy Chief Administrative Officer
FROM: Pat Foster, Director, Office of Minority Business Development
RE: Acceptance of Commonwealth funding for the Capital Access Program
ORD. OR RES. No.
PURPOSE: To authorize the Chief Administrative Officer to accept funds in the amount of $150,000 from the Commonwealth of Virginia, to amend the Fiscal Year 2026 Special Fund Budget by creating a new special fund for the Department of Economic Development called Capital Access Special Fund, and to appropriate the increase to the Fiscal Year 2026 Special Fund Budget by increasing estimated revenues and the amount appropriated to the Department of Economic Development’s Capital Access Special Fund by $150,000, all for the purpose of providing the Metropolitan Business League and Bridging Virginia with funding for the Capital Access Program pursuant to the Commonwealth of Virginia’s 2024-2026 Biannual Budget, HB1600, Chapter 725, Item 111 J, adopted by the General Assembly of Virginia on May 2, 2025.
BACKGROUND: The Commonwealth of Virginia’s 2024-2026 Biannual Budget, adopted by the General Assembly of Virginia on May 2, 2025, included $150,000 for the Metropolitan Business League’s and Bridging Virginia’s Capital Access Program. The program is a collaborative effort between the two organizations that aims to close the capital access gap for historically marginalized and underinvested small businesses through a combination of early-stage capacity building, technical assistance for capital access, and network growth.
STRATEGIC INITATIVES AND OTHER GOVERNMENTAL: Support for small businesses, and specifically minority small businesses, aligns with the City’s adopted Strategic Plan for Equitable Economic Development.
FISCAL IMPACT: The acceptance and appropriation of the funds will not impact on the budget beyond the increasing estimated revenues and the amount appropriated to the Department of Economic Development’s Capital Access Special Fund.
DESIRED EFFECTIVE DATE: Upon Adoption.
REQUESTED INTRODUCTION DATE: January 12, 2026
CITY COUNCIL PUBLIC HEARING DATE:
REQUESTED AGENDA: Consent
RECOMMENDED COUNCIL COMMITTEE: Finance and Economic Development Standing Committee
AFFECTED AGENCIES: Office of Minority Business Development, Department of Economic Development, Department of Budget and Strategic Planning, and Department of Finance
RELATIONSHIP TO EXISTING ORD. OR RES.:
ATTACHMENTS: Commonwealth’s 2024-2026 Biannual Budget, HB1600, Chapter 725, Item 111
STAFF: Pat Foster, Office of Minority of Business Development
Katie McConnell, Senior Deputy Director, Department of Economic Development