The Orange County Economic Development Office announced a revolving loan fund program last week to provide a flexible source of additional financing for businesses growing or locating in Orange County.
The fund, created to help businesses respond to the impacts of the COVID-19 pandemic, was created using part of the first American Rescue Plan Act funds allocated to Orange County.
Charlottesville-based nonprofit Community Investment Collaborative (CIC) will administer the revolving loan fund and only businesses in Orange County will be eligible to receive loans. Eligible uses of loan proceeds include working capital, acquisition of land or buildings, new construction, property reclamation or improvements, purchase of equipment, supplies and materials, and stocks for resale.
The revolving loan fund is the first of its kind available to businesses in Orange County and will offer individual loans up to $ 20,000.
“The Orange County Revolving Loan Fund will provide affordable loans to the business community and help leverage additional support for more Orange County businesses as the community continues to recover from the impacts associated with the coronavirus pandemic, ”said Rose Deal, director of economic development for Orange County.
As a certified community development finance institution (CDFI) focused on underfunded entrepreneurs, CIC is an ideal partner for this initiative. Since its launch in 2012, it has provided nearly $ 2 million in microloans to businesses across the region, demonstrating its commitment to the continued evolution of the business community and the entrepreneurial spirit of its members.