New Hill Development Corporation

New Hill Development Corporation is an African American led social enterprise established to build financial resilience, economic opportunity and affordable housing in the Greater Charlottesville Black community.

In 2019, we began working with a young lady that was referred to us by another community organization. The young lady wanted to eventually start her own business but she wanted to first establish herself away from her then deteriorating home life. Since we began working with her to put together a financial plan, she has moved her credit score from mid-600's to upper 700’s, paid off more than $15,000 worth of debt, moved into her own place and opened her first credit card. She feels extremely confident and is looking forward to begin taking the next steps towards business ownership.

In November of 2019, we began working with a gentleman that was trying to open a small community grocery store to provide fresh food options to a public housing and predominantly Black neighborhood. We reviewed the business plan, and proforma, labor plan and inventory plan and identified discrepancies with in all areas. We provided detailed instruction and assistance for securing more data to vet ideas which would further inform the proforma. Additionally, we met with the potential capital resource partners to understand their expectations around the use of funds and feasibility of the plan in its current state. Through these advisory sessions we were able to help the client to come to their own conclusion that their plan needed more work before signing the $3,200/month 5-year lease agreement; they were ready to sign when they came to us having only raised $25,000.