IN RELATION TO STAR-EXPONENT STAFF
The Orange County Economic Development Department is pleased to announce a revolving loan fund program, aimed at providing a flexible source of additional financing for businesses growing or locating in the county.
Created to help businesses meet needs during the COVID-19 pandemic, the fund is funded by the American Rescue Plan Act.
Charlottesville-based Community Investment Collaborative will administer individual loans of up to $ 20,000 to qualifying businesses in Orange County.
The loan proceeds can be used for working capital, acquisition of land or buildings, new construction, rehabilitation or improvement of properties, purchase of equipment, supplies and materials, and inventory for resale.
The revolving credit fund is the first of its kind available to businesses in Orange County.
The fund will provide affordable loans to the business community and help secure additional support for more businesses in Orange County as the community continues to recover from the impacts associated with the coronavirus pandemic, the economic director said. Orange County Rose Deal in a statement.
âWe are excited to launch this new partnership with Orange County and help Orange County entrepreneurs access the capital they need to start and grow their businesses,â said Stephen Davis, president of Community Investment Collaborative.