December 22, 2023, News Release
Charlottesville, VA – Community Investment Collaborative (CIC) infused $1M in capital into the local economy in 2023 through microloans to the small business community, doubling its 2022 total. With a continued focus on under-resourced entrepreneurs, its loan funds span central Virginia and beyond, including making its first loans in Martinsville, Richmond, Fredericksburg, Harrisonburg and Hampton Roads, and include partnerships with local governments, funding from the Virginia Department of Housing and Community Development, the U.S. Department of Agriculture and the Treasury Department’s Community Development Financial Institution (CDFI) Fund, among other sources.
“As a small business owner, funding is hard to find. Working with CIC for over 3 years has helped me be able to expand my business. The CIC team is friendly, helpful and awesome to work with,” says Cheryl Council, Owner, Relax Cville, Charlottesville’s first boutique medical spa.
Graduates of CIC’s signature program, a 16-week Entrepreneur Workshop, and owners of existing businesses are able to apply for a Contract-based Loan, a Start-up/Growth Loan or an Accelerator Loan, which caps at $10,000 or 2.5 months worth of current revenues, whichever comes first, and is designed to help local businesses optimize operations, purchase equipment or inventory, improve building conditions or support short-term working capital. CIC increased its microloan limit to $50,000 in 2022, shortly after ten years of operations.
“CIC is excited to continue to accomplish our goal of expanding access to capital to local entrepreneurs, particularly those who have traditionally faced barriers and restrictions because of their credit history, credit scores, time in business, availability of collateral, or the lack thereof. Hitting the $1M mark in 2023 proves the continued need for the services we provide. Being a flexible financing source and a certified CDFI positions us to create an entrepreneur ecosystem in our local community that business owners can learn from and build with,” says Stephen Davis, President, CIC.
Terms across loan products range from three (3) months to five (5) years based on the history of the business, the size and purpose of the loan, with decisions typically offered in 10-14 days for the Accelerator Loan and 4-6 weeks for the Start-up Loan. Interest rates cap at 9.75% with a lower rate offered to CIC Graduates and long-term clients of the Central VA Small Business Development Center (CV SBDC), an in-house team of professionals, offering free, 1:1 business advising, research assistance and business-centered workshops and events. Interested applicants should have been operating for at least six (6) months.
To determine eligibility, apply or learn more information regarding loan types and the application process, please visit cicville.org/loan-products or contact Carolina Medina at (434) 218-3481.
