RichWine and Penny’s

Boutique Wine Shop Rich in Heart

Where: Richmond, VA

Capital Amount: $50,000

Project Type: Working Capital

What happens when you combine two fun, hard-working wine lovers? In the case of Kristen Gardner Beal and Lance Lemon, you get a boutique wine retailer with big taste and a lot of heart. Virginia natives Kristen and Lance became friends attending middle school in Hanover County, then attended the University of Virginia together before becoming neighbors in Brooklyn, NY. In 2019, after Kristen had spent 10 years in banking and Lance had opened two successful wine shops in NYC, they decided to combine expertise and create their own wine brand.

The company, RichWine, would bring quality, clean farmed, organic, biodynamic wine at an affordable price to the community in Richmond, VA.  

Opportunity for Impact

Even the unfortunate timing of COVID-19 couldn’t stop their enthusiasm. Realizing it wouldn’t be the time to open a brick-and-mortar in the midst of 2020’s lockdown, Kristen and Lance pivoted to launch their business online. Since then, RichWine had incredible success, and as shops began to reopen, the founders decided it was time to reconsider a physical location.  

With RichWine’s profitable business model, good credit, and Kristen’s prior work in Credit Derivatives, the team felt confident applying for loans to cover costs. Yet when they did get conditional approval from a major bank, the bank canceled the deal right before completing the process, citing that the company “needed more time in business,” despite their demonstrable success. At this point they turned to their network, reaching out to the Jackson Ward Collective (JWC) for resources and lending opportunities. JWC connected them with several organizations that could help with affordable capital options, leading them to Bridging Virginia and the Community Investment Collaborative (CIC), a CDFI based in Charlottesville.  

Our Partnership

Bridging Virginia and CIC combined their capital resources to lend RichWine $100,000 for setting up their brick-and-mortar shop. This meant costs like labor, kitchen appliances, and legal without the risk of endangering the business. With Kristen’s existing lending knowledge, RichWine didn’t need extensive technical assistance; they needed someone they could trust to communicate clearly and honestly about the terms and process of the loan.  

RichWine was able to work with Bridging Virginia and CIC because of the larger small businesses and CDFI ecosystem. Through their connection to JWC, the Capital Region Small Business Development Center, Bridging Virginia, and CIC, Kristen and Lance’s drive to succeed was supported by community partners invested in their success.  

Beyond Capital 

Kristen and Lance decided to open shop as Penny’s, now serving wine and tapas thanks to their expanded kitchen. The name honors Maggie L. Walker’s bank St. Luke’s Penny Savings Bank as an homage to the Black community’s fight for economic independence. This reminder connects to Kristen and Luke’s philosophy of being a business by and for their community.  

When they were ready to open in 2023, the Jackson Ward Collective hosted a special ribbon cutting to celebrate. With their doors open and online business booming, Kristen and Lance are now looking forward to future expansion and a long life in the Richmond community. Their story has been featured by a number of media sources, including Capital One, Richmond Magazine, Soul Vision Magazine, Richmond Biz Journal, and more.