Financing

Access the capital you need to start or grow your business.

CIC Financing

We offer microloans of up to $35,000 to both graduates of our Entrepreneur Training Workshop and to existing businesses.

Eligible Borrowers

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

  • Have graduated from CIC’s Entrepreneur Training Workshop
  • 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% (beginning in April, 2015). Discounts to the starting rate are available based on the following:

  • Being a graduate of our Entrepreneur Workshop (2 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 6.75%.

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 automated clearing house (ACH).

CIC Loan Fund Sources

Our loan funds are made possible by the following:

  • Fluvanna County – loan fund for Albemarle businesses
  • City of Charlottesville – Business Equity Fund
  • City of Charlottesville – loan fund for Charlottesville businesses
  • Albemarle County Economic Development Authority – loan fund for Albemarle businesses
  • U.S. Department of Agriculture Rural Business Development Grant
  • Charlottesville Area Community Foundation
  • Individual supporters

Interested in applying for financing?