After almost eight months of operating under a strict regulatory turnaround/survival plan and having moved on to its third president since the fall, a Richmond-based bank has rethought its plan and might reinvent itself if it can secure a fresh round of capital.
A diverse Herd this week, with a new head of the FBI’s Richmond office and big changes at a local bank.
The bank planned on raising $6 million to $9 million last fall, but, given the economic climate, that has proved more difficult than expected. The company was only able to raise a fraction of that amount.
Pour a round of the good stuff. After three years in operation, Virginia Business Bank recorded its first quarterly profit in this year’s first quarter.
Bankers are taking longer to issue business loans and asking for more collateral when they do issue them, according to bankers around Richmond. Even companies with solid credit and long-established relationships are having more trouble getting financing, which is an essential ingredient for growth. The number of loan requests, meanwhile, is also falling. “Entrepreneurs feel… Read more »