The City of Charlottesville Business Equity Fund (BEF) is a loan program for existing City of Charlottesville businesses that are owned by individuals who are considered socially disadvantaged (i.e., those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as members of a group). The BEF, administered in partnership with the Community Investment Collaborative (CIC), lowers eligibility criteria typically experienced in traditional banking scenarios and offers a subsidized interest rate that is well below the market rate (up to 3%).
The BEF can be used to purchase inventory, to acquire and/or repair machinery/ equipment, for purchase order financing, new construction, expansion and/or repair or as working capital
Interested businesses should schedule an initial meeting with the City of Charlottesville Office of Economic Development to determine need and if minimum eligibility criteria can be met. For more information click HERE, send an email to mbp@charlottesvilleorg or call 434-970-3117.
Selling to the City Event - April 26, 2016