A partnership of Orange County and CIC, the Orange County Revolving Loan Fund Program was created to provide a flexible source of supplemental financing for businesses expanding or locating to Orange County. The fund, created to assist businesses respond to impacts from the COVID-19 pandemic, was funded using American Rescue Plan Act monies.
Please note: This is a loan, NOT a grant. Businesses should expect to pay back the loan.
Who is eligible?
- Existing businesses with 6 months of revenue history
- New business startups or businesses with less than 6 months of revenue are eligible to apply if they are a graduate of CIC’s Entrepreneur Workshop OR a counseling client of the Central Virginia Small Business Development Center.
Loan capital is restricted to Orange County businesses ONLY
- Loans up to $20,000
- Terms range 1-5 years
- Year 1 payments on loans would have interest rate reduced by 3% (3.75-6.75%),
- Year 2 reduced by 2% (4.75-7.75%),
- Year 3 reduced by 1% (5.75-8.75%)
- Loans beyond 3 years in term would pay CIC’s standard rate (currently 6.75% to 9.75%) after year 3
- Closing fees average $200, and may be lower for very small loans
- Personal guarantees required on all loans
Eligible Uses of Loan Funds:
- Operating Capital
- Land or Building Acquisition
- New Construction
- Property Rehabilitation or Improvements
- Purchase of Equipment, Supplies, and Materials
- Inventory for Resale
Review the full Orange County RLF Program Guidelines.
Application Process & Required Documentation
All loan application materials will be submitted via Lenderfit. To apply:
- Email our Financing Team or call (434) 218-3481 to schedule a consultation
- You’ll receive an email invitation to begin your application in Lenderfit within 1 business day.
- In Lenderfit:
- Complete your loan application
- The following documentation will be needed for a complete application
- Business Plan and Cash Flow Projections
- Existing businesses should submit financial statements and business bank statements
- Last two years of tax returns
- Personal Bank Statements
- Schedule phone call/site visit with CIC staff
- Complete applications submitted by the first of the month should have a decision within 4-5 weeks.