Fairfax Co Microloan
The Fairfax County Microloan Program is a loan program through Community Business Partnership funded by Fairfax County for Fairfax County business owners. It is designed to help clients of the county grow or expand their micro and small businesses.
A typical borrower is a client who fits one or more of the following criteria:
- Must have a business in Fairfax County
- 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
- Applicant’s business must be in Fairfax County, Virginia.
- 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
Loan Inquiry submission
All prospective borrowers who would like to be considered for this loan program should submit the form below. Once the information submitted in the form is reviewed, prospective borrowers will be invited to submit a full loan application.
All prospective borrowers to this loan fund will be required to submit the following information to be considered for a loan during the Due Diligence Phase:
- Business Plan or Business Summary
- Financial Projections
- Interim Financials
- Use of Funds
- 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.
Getting Started – Complete Loan Inquiry Form for more information
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.