Supporting Small Businesses in Richmond

Capital One associates support each of the communities we operate in through a variety of ways. For example, our social impact volunteerism efforts in Richmond, VA, came to life in 2021 through: 

Growth Consulting: 

Our mission is to connect internal talent with startups hungry to make a difference.

For example, Team Excel, a Richmond-based startup, strives to encourage student participation through reverse fantasy sports, where students compete on attendance, academic performance and life skill activities.

The company’s product started as a web property and as the need for virtual connection among students increased during the COVID-19 pandemic, the personal nature of the product led to the need for a mobile application. 

Given Capital One’s background in mobile development, Growth Consulting drew from a pool of talented associates who wanted to help Team Excel. Engaging over 25 associates across the Product, Tech, Design, and Brand lines of business, the team delivered over 850 pro bono hours to the Team Excel team in 2021.

"The Team Excel pro bono project has been a mutually beneficial effort that has provided Team Excel with enterprise-grade brand, design and technical acceleration and given Capital One Associates an opportunity to support an excellent mission,” says Travis Bjorklund, Senior Product Manager at Capital One. “I'm very proud of the accomplishments our team has made towards mobilizing and modernizing the Team Excel digital experience as they grow their business."

Team Excel’s founder Jonathan Mayo shared that Capital One’s pro bono support has been equivalent to receiving a round of funding.

“With challenges raising capital, the technology and branding support provided by Capital One would not have been possible,” Mayo said. “Mobile app, data integration functionality and marketing and branding support from Capital One has positioned Team Excel to better serve our schools and nonprofit organizations. Capital One volunteers bought into our vision and truly immersed themselves as part of our team. At the end of the day, lives will be changed for the better because of the support from the Capital One volunteers.”

1717 Innovation Center:

Located in the heart of Richmond, the 1717 Innovation Center is a hub for resources focused on supporting entrepreneurs. 

Small businesses have the opportunity to access various forms of support from Capital One associates at the 1717 Innovation Center. Through monthly Legal Pro Bono Clinics, small business owners seeking quick, targeted consultation can participate in one-to-one sessions with Capital One legal associates on topics like contracts, employment, intellectual property, risk management and mergers. 

For small business owners who want to take a deep dive into the needs and opportunities for growth across their business, the Grow @1717 accelerator offers a unique opportunity. In fall 2021, a cohort of Black-owned restaurants in Richmond participated in the 12-week Grow @1717 accelerator program and received support through $10,000 in funding, needs assessment, learning sessions, skills based project support and mentorship.

The Grow @1717 accelerator program ran virtually from August to November 2021 and saw 25 Capital One associates provide over 100 hours of training, mentorship, and project support to Ruby Scoops, The Original Ronnie’s BBQ, RichWin, Soul Taco, Lillie Pearl, Soul N’ Vinegar, and Nomad Deli and Catering Co.

“Capital One’s program has been a great opportunity for us to network and just talk to people and build those relationships,” says Mike Love-Lindsey, co-owner of Lillie Pearl. “Over the next few years, I hope to have two or three more Buttermilk and Honey locations and a couple of Lillie Pearl-type of restaurants.”

Social Impact Volunteerism:

Capital One lawyers partnered with the Greater Richmond Bar Foundation to volunteer with the Maggie Walker Community Land Trust (MWCLT) to match lawyers with individuals looking to become homeowners.

Named after Maggie L. Walker, the pioneering Black businesswoman and Richmond native, the nonprofit redevelops vacant properties and sells them to homebuyers for below market value. 

Held in a charitable trust with a 99-year lease agreement on the land, the Virginia-based nonprofit organization is committed to providing home ownership opportunities by making housing more affordable for people from all backgrounds. 

“We’re creating a new generation of homeowners that will hopefully go on to benefit the greater community,” says Robbie Bassett, Senior Counsel at Capital One. “Our goal is to help Richmond and its surrounding areas continue to improve for all residents.”

Black households have faced barriers to buying homes that have created a cumulative wealth disparity over time, according to the Brookings Institution. 

According to the Brookings Institution, Black and Hispanic families are less likely to own their homes than white families with similar incomes. 

The MWCLT enables participants to only pay for the price of the house, rather than the land itself. 

When they’re ready to sell later on, the home is then sold to other program participants.

As of January 2021, MWCLT homeowners occupy 50 permanently affordable homes across the Richmond region.