Fluvanna Business Recovery Loan

PALMYRA, VA – At their May 6, 2020 meeting, the Fluvanna County Board of Supervisors voted to redirect loan funds, previously allocated to the Community Investment Collaborative (CIC), to address immediate business needs related to the COVID-19 disruption.

The Fluvanna Business Recovery Loan will provide low-interest loans of up to $5,000 for businesses from Fluvanna. Businesses are eligible to apply if they own or rent a physical location in Fluvanna; showed an ability to repay prior to March 1, 2020; and give a personal guarantee. Loans will have a 1% interest rate over a two-year term. There is a six-month grace period for the first payment. The Community Investment Collaborative is administering the loan fund.

“Small businesses, retailers, restaurants, and offices help strengthen the fabric of a community. We don’t want to miss any of the businesses that have contributed to the Fluvanna we have today,” said Bryan Rothamel, Fluvanna’s Economic Development Coordinator.

The Fluvanna Business Recovery Loan targets businesses with overhead such as a mortgage or rent. Businesses cannot use the funds for items such as paying off debt or purchasing equipment or real property.

The application portal will be available May 15 and businesses will have until May 29 to submit. The Community Investment Collaborative will underwrite the loans shortly after the application window closes.

“Fluvanna County was a leader in the region by being the first locality to establish a microloan fund with CIC in 2013. We’re grateful for their partnership and to be able to quickly redirect these funds to maintain their operations in these uncertain times,” said Stephen Davis, President of CIC.

In 2012, Fluvanna County made a restricted allocation to the Charlottesville Investment Collaborative to be used as a revolving microloan fund for Fluvanna entrepreneurs wishing to start a business. The current balance of that fund will become the Fluvanna Business Recovery Loan. Once proceeds of the loans are repaid, the fund will revert to its original purpose.

Businesses interested in applying for the Fluvanna Business Recovery Loan can sign-up to apply with CIC or can contact the Fluvanna Economic Development Office at econdev@fluvannacounty.org.