The Business Recovery Fund will flexible affordable loan capital of up to $15,000 to microbusinesses impacted by the COVID-19 pandemic as they work to recover and rebuild. It’s designed to help those businesses that delayed investments or who need to recapitalize to take advantage of the economic recovery.
Sponsoring Agency: Community Investment Collaborative
Type of Fund: Loan/Finance
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/28/2021
Size of the Fund: Less than USD $50,000
The Business Recovery Fund will flexible affordable loan capital of up to $15,000 to microbusinesses impacted by the COVID-19 pandemic as they work to recover and rebuild. It’s designed to help those businesses that delayed investments or who need to recapitalize to take advantage of the economic recovery.
A partnership of Albemarle County, the City of Charlottesville and Community Investment Collaborative (CIC), the Business Recovery Fund made nearly $600,000 in loans in May and June, 2020, to help businesses with emergency working capital at the onset of the COVID-19 pandemic.
Who is eligible?
• Businesses with less than $250,000 in sales pre-COVID OR businesses owned by a CIC entrepreneur workshop graduate or previous regular CIC borrower.
• Self employed (no employees beyond owner) business owners are only eligible if the owner’s household income meets CDFI target market parameters.
• Loan capital is available for businesses in the CIC service region (City of Charlottesville and Albemarle, Fluvanna, Greene, Louisa, Orange, Nelson, Culpeper, Madison and Rappahannock Counties) and is allocated based on funding source. Albemarle County and the City of Charlottesville provided half of loan funds.
Terms:
• Loans up to $15,000 (or two months pre-COVID revenue, whichever is lower
• Interest rates from 3% – 5% (CIC workshop graduates 3%)
• Term choices:
o 3 year repayment term with 12 months interest only payments
o 4 year repayment term with 6 months interest only payments
o 5 year repayment term with 3 months interest only payments
Eligible Uses of Loan Funds:
• Working capital
• Retiring higher interest business debt that is current in payments
• Business equipment replacements or upgrades
More information at: https://cicville.org/business-recovery-fund/
Eligible Countries:
United States
