A partnership of Albemarle County, the City of Charlottesville and 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.

Due to the strong success and repayment of those funds, there will be a second round of loans. In 2021, the Business Recovery Fund will provide flexible and 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.

This is a loan, NOT a grant. Businesses should expect to pay back the loan.

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. 


  • 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:
    • 3 year repayment term with 12 months interest only payments
    • 4 year repayment term with 6 months interest only payments 
    • 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

Application Process & Required Documentation

All loan application materials will be submitted via Lenderfit. To apply:

  1. Submit Inquiry to Program 
  2. You’ll receive an email invitation to begin your application in Lenderfit within 1 business day.
  3. In Lenderfit.
    1. Complete your loan application
    2. Submit business license and other business documents
    3. Submit tax returns for 2019 and 2020
    4. Submit Business bank statements for last six months
    5. Schedule phone call with CIC staff
  4. At this time applications are still being accepted on a rolling basis, please submit an inquiry.

Submit your Inquiry

Not eligible for the fund or need more capital?

Check out the SOAR Fund for a similar program targeted businesses in southern states with loans up to $100,000.


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

Interested in Applying for the Business Recovery Fund?