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 closed on May 29th, 2020.
- 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.
- 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
Contact Grace Burkhart, firstname.lastname@example.org 434-214-4554