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Financing

At CBP’s Business Finance Center, we make a difference in people’s lives by lending to promising small businesses that are unable to secure financing through traditional means.  Our goal: to help small businesses become credit worthy so that they can create sustainable income and jobs.  Our target markets are traditionally underserved Black, Latino, and Asian small businesses as well as low income communities.

We not only provide financing but we also share knowledge though the Community Business Partnership family of business assistance providers.  We require lending clients to attend informative webinars and regular counseling sessions to help them become even better business owners.

Check out our loan programs below to learn more about how we can help your business and community!

Our Financing Programs

Helping Hands Loan Fund

Who it helps

The Helping Hands Loan Fund is targeted to help low-to-moderate income individuals attain self-sufficiency through entrepreneurship.

This fund has the potential to help individuals, especially women, develop self-sufficiency through micro-enterprise development, which then helps to boost the local economy. The Helping Hands Loan Program helps borrowers supplement their family income with a small or seasonal income business.

The ability to access small sums of money to jump-start or support small business ventures is vital to the local economy. When a loan fund looks primarily at the borrower and their business or idea, not just their credit, it makes the loan program more viable and helps to create more success stories.

Eligibility

  • Starting or Own a For-Profit Micro-Business or Have a Seasonal Enterprise
  • Lacks Credit or Have Low Credit
  • Turned Down for Traditional Financing
  • Has less than five (5) employees
  • Applicant’s business must be in one of the following regions:  Northern Virginia, District of Columbia, and Maryland (Montgomery and Prince Georges counties).

Fund Uses

  • Need to Purchase Equipment: e.g.: computer, printer, or other specialty equipment
  • Need to Purchase a Small Amount of Inventory
  • Need to Hire Support – Temporary or otherwise
  • Other Startup Expenses

Rates, Terms, Costs

  • Amount Minimum $500 – Maximum $5,000
  • Interest Rate  Prime + 1%
  • Terms  1-year – 2 or 3 years
  • Other  Application Fee: WAIVED (originally $50); Loan Closing Fee: 1.5%; UCC Filing (State – if applicable): $25; Prospective borrowers could qualify for scholarship rates for select CBP training programs (see Scholarship Option below)

Requirements

A potential Helping Hands loan client must follow these requirements:

  • 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 and financial reports.
  • Loan recipients will be required to attend monthly peer group meetings – All loan recipients are required to attend a mandatory monthly meeting with their peers to discuss any challenges they are currently facing. Income for the past month will be discussed and goals for the upcoming month will be set.  This meeting gives borrowers a chance to network with their peers and work together toward finding solutions for themselves and each other.  The chance to network and brainstorm with peers is invaluable to the success of any small business.

NOVA Technology Loan Fund

 

Who it helps

The NOVA Technology Loan Fund is designed to help minority/people of color entrepreneurs in the technology industry located in Northern Virginia who are suffering substantial economic injury because of the COVID-19 economic downturn. It is a revolving loan fund funded by the Freedom Bank and Northern Virginia Technology Council.

Eligibility

  • Must have suffered measurable economic losses because of COVID-19.
  • For-Profit businesses with 50 or fewer total employees
  • Must be a technology company.
  • Must be a minority/people of color.
  • Have been in operations for at least one (1) year.
  • Must have no outstanding Federal or State tax liens.

Rates, Terms, Costs

  • Amount: $5,000-$20,000 per business
  • Interest rate:  Prime+0% to Prime + 3%
  • Terms: 6 years
  • Application start date: Currently accepting applications.

Requirements

Anyone with >20% of ownership needs to provide all the required documentation:

  • Loan Application (provided by CBP)
  • Credit Authorization (provided by CBP)
  • Business Summary Form(provided by CBP)
  • Personal Financial Statement from each guarantor (provided by CBP)
  • Current Debt Schedule (business/provided by CBP)
  • Tax Returns (2 years – Personal & Business)
  • Profit & Loss Statement (Current year-to-date)
  • Balance Sheet (Current year-to-date)
  • Contract backlog report (if available)
  • AR/AP aging report (if available)

For more information click here

KP Bailey’s Crossroad/Culmore Loan Fund

Who it helps

Kaiser Permanente (KP) is providing support to neighborhoods in Northern Virginia achieve financial stability. In collaboration with Community Business Partnership (CBP), a revolving loan fund has been created for small businesses in the Bailey’s Crossroads/Culmore neighborhoods of Fairfax County, Virginia. Additional free technical business assistance consisting of workshops and one-on-one counseling will be provided to loan recipients and entrepreneurial residents in those neighborhoods.  This fund is administered by the CBP’s Business Finance Center.

Eligibility

  • Must be a resident of or own a business located in the Bailey’s Crossroads/Culmore neighborhoods.
  • For-Profit businesses with 50 or fewer total employees
  • Must have no outstanding Federal or State tax liens
  • Funding is contingent upon attending at least one training class or counseling session

Rates, Terms, Costs

  • Amount: $5,000-$15,000 per business
  • Interest rate:  Prime+0% to Prime+3%
  • Terms: 6 years
  • Application start date: Currently accepting applications.

Requirements

Anyone with >20% of ownership needs to provide all the required documentation:

  • Loan Application (provided by CBP)
  • Credit Authorization (provided by CBP)
  • Business Summary Form(provided by CBP)
  • Personal Financial Statement from each guarantor (provided by CBP)
  • Current Debt Schedule (business/provided by CBP)
  • Tax Returns (1 year – Personal & Business)
  • Profit & Loss Statement (Current year-to-date)
  • Balance Sheet (Current year-to-date)
  • Contract backlog report (if available)
  • AR/AP aging report (if available)

For more information click here

“As an incubator client, CBP helped me successfully start my cybersecurity and IT solutions firm, SecureTech360. I found the staff helpful, knowledgable, and encouraging.  I recommend them highly!”


Quiana Gainey, CEO, SecureTech360 (EDWOSB, SDVOSB, SWAM)
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Community Business Partnership of Springfield, VA