The Business Recovery Fund is a microloan program intended to provide existing businesses in the region and with funds to restart operations once the COVID-19 pandemic subsides. The fund was created with investments from Albemarle County, the  City of Charlottesville and private support to CIC.

CIC will administer the loans as part of our microloan program. The fund will offer microloans up to $10,000.

Round 1 of applications closed on May 8th, 2020.

Round 2 of applications closes on May 29th, 2020.

Please review eligibility below before submitting an application.

TERMS: 

  • Amount: Up to $10,000 or 100% of prior year expenses (whichever is less)
  • 3 year repayment period, monthly payments
  • 1% interest rate
  • 6 months grace period before payments begin
  • Loans cannot be used for paying existing debt, purchasing equipment or real property.

ELIGIBILITY:

  • Must be physically located (as listed on your W-9) in Charlottesville or Albemarle.
  • Had a 2019 business license for your locality (if required) in addition to a current business license OR be a nonprofit physically located in Albemarle or Charlottesville.
  • Had at least 1 non-owner employee as of March 1st, 2020 – business owners without at least 1 non-owner employee may apply, though preference is given to business owners with at least 1 non-owner employee
  • Can demonstrate a capacity to repay from business revenue prior to March 1, 2020
  • No significant personal credit issues in the last 12 months

PROCESS:

Step 1Complete this form to be notified when applications are open and to be invited to the application portal. This step must be completed by Wednesday, May 27, 2020, at 5 PM.

Step 2 – Gather the required documents:

  • Loan Application – complete with this link
  • 2019 Tax Return or 2018 Tax Return & 2019 Profit & Loss Statement
  • Business Bank Statements for December 2019, January 2020, and February 2020.
  • Copy of 2019 Business License and 2020 Business License (if 2019 not current)

Step 3 – You will be invited to our application portal, Lender Fit, on Friday, April 24, or within 1 business day of completing step 1 above. 

Step 4 – You have until Friday, May 29, 2020, at 5 PM to submit the necessary documents in the application portal. CIC staff may ask questions or follow up as necessary using the portal.

Step 5 – We anticipate loan decisions being made no later than Friday, June 5, 2020.

QUESTIONS:

Contact Grace Burkhart, grace@cicville.org 434-214-4554

SUPPORT CIC:

Learn more about how you can help CIC support businesses affected by the COVID-19 pandemic

Interested in Applying for the Business Recovery Fund?