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CIC launches second round of business recovery fund loans

Photo: clipart.com May 4, 2021, News Release CHARLOTTESVILLE, VA The Community Investment Collaborative (CIC) announced today that they are launching a second round of lending through the Business Recovery Fund created in April 2020 at the onset of the pandemic. The fund will provide flexible and affordable loan capital of up to $15,000 to microbusinesses impacted by the COVID-19 pandemic as they work to recover and rebuild. It’s designed to help those businesses that delayed investments or who need to recapitalize to take advantage of the economic recovery. A partnership of Albemarle County, the City of Charlottesville and CIC, the Business Recovery Fund made nearly $600,000 in loans in May and June, 2020, to help businesses with emergency working capital as the community locked down at the onset of the pandemic. Those funds had 6 months of no payments and then began repaying in January 2021. To date all of the initial loans are current on loan payments.

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