Fairfax Co Microloan
The Fairfax County Microloan Program is a loan program through Community Business Partnership funded by Fairfax County for residential business owners. It is designed to help clients of the county grow or expand their micro and small businesses.
A typical Fairfax County Microloan borrower is a residential client who fits one or more of the following criteria:
- Starting or Owns a For-Profit Micro-Business
- Turned Down for Traditional Financing
- Need Working Capital
- Need to Purchase Equipment and or Inventory
- Need to Hire Personnel
- Other Startup Expenses
Loan Program Criteria
- Minimum $5,000 – Maximum $25,000
- Terms: 1 year – 5 years
- Interest Rate: Prime + 3-6%
- Application Fee: $50
- Loan Closing Fee: 3% or Max of $500 (whichever is higher)
- Underwriting Fee Applies
All business owners living in Fairfax County who would like to be considered for this loan program must submit the following:
- Loan Summary Letter
- Business Plan with two (2) years of financial projections
- Credit Report Authorization and or Report (current within 30 days)
- Loan Application
- Use of Funds Worksheet
All prospective borrowers to this loan fund are required to submit the following information to be considered for a loan during the Due Diligence Phase:
- Personal Tax Returns (prior 2 years)
- Business Tax Returns (prior 2 years IF applicable)
- Bank statements (both personal and business – 2 years).
- Articles of Incorporation
- Copy of Applicable Business Licenses and Permits;
- ALL existing businesses must submit past Financial Statements up to three 3 years
- Lease agreement (if applicable);
- Legal Requirement – All applicants must show proof of legal residency status.
- Other documents might be required
After Loan Closing
All loan client through this program must comply with the following guidelines
- Minimum Ten (10) hours of Technical (Classroom) Training – Must be completed prior to loan closing
- Minimum of Ten (10) hours of one-on-one financial counseling with a CBP BFC Counselor throughout the life of the loan
- Submit quarterly status updates.
- Submit Annual Business Status Summary and Financial Reports.
- Loan recipients will be required to attend semi-annual (twice yearly) peer group meetings to help address business challenges and strategies to support growth while fostering networking and collaboration efforts. Attendees also gets the opportunity to meet with CBP leadership and key guest panelists.
Please contact the Business Finance Center through the form below so we can better understand your needs:
The Community Business Partnership is an equal opportunity service provider, lender, and employer.