Financing

Access the capital you need to start, maintain or grow your business!

CIC Financing

We offer micro loans of up to $50,000 to both graduates of our 16-week Entrepreneur Workshop and to existing businesses. We give preference to entrepreneurs who are actively working with an entrepreneur support organization (ex SBDC, SCORE, etc.)

Eligible Borrowers

Businesses must be located in Virginia and meet at least one of the following criteria to be eligible to apply for CIC microloans:

  • Have graduated from CIC’s Entrepreneur Workshop
  • Have a long term relationship with your local SBDC, SCORE or any other local entrepreneur support organization.
  • The business has been operating for 6 months and is able to provide financial statements and a business plan

Interest Rates and Fees

Our starting interest rate is currently 9.75%. Discounts to the starting rate are available based on the following:

  • Being a graduate of our Entrepreneur Workshop (3 percentage points)
  • Being a long term client of the SBDC (2 percentage points)
  • Being a long term client of SCORE (1 percentage points)
  • Having a co-signer on the loan (1 percentage point)

A CIC Entrepreneurship Workshop Graduate with a co-signer on the loan is eligible to borrow at 5.75%.

Terms

Terms range from 1 to 5 years based on the history of the business and size and purpose of the loan. Payments must be made through an automated clearing house (ACH).

CIC Loan Products

We offer various types of loans to meet the needs of your start-up or small business:

  • Contract-based
  • Accelerator
  • Start-up/Growth

CIC Loan Fund Sources

Our loan funds are made possible by the following:

  • Albemarle County Economic Development Authority – Loan fund for Albemarle businesses
  • Charlottesville Area Community Foundation
  • City of Charlottesville – Business Equity Fund
  • City of Charlottesville – Loan Fund for Charlottesville businesses
  • Fluvanna County – Loan Fund for Fluvanna businesses
  • Greene County Economic Development Authority – Loan Fund for Greene County businesses
  • Orange County – Revolving Loan Fund for Orange County businesses
  • U.S. Department of Agriculture Rural Business Development Grant – Piedmont Loan Fund for Culpeper, Orange, Madison, Rappahannock and Fauquier businesses
  • Individual supporters

Interested in applying for financing?

Learn More