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Business collaborative has $300,000 available in low-interest loans

The Community Investment Collaborative, which provides education programming, mentoring, peer support and startup financing to Charlottesville-area entrepreneurs, has secured a $300,000 private investment to double the size of its business recovery fund, officials said Wednesday.

The investment effectively doubles the funding available. The fund was created with $300,000 in support from the City of Charlottesville and Albemarle County.

Applications for the new funds will be taken beginning Friday and will end 5 p.m. on May 29, officials said.

Online applications are available cicville.org/business-recovery-fund.

The fund provides existing businesses with additional capital to restart operations. Loans of up to $10,000 with a three-year repayment, low-interest, and six-month grace period until the first payment is due are available.

For more information, please email stephen@cicville.org or call (434) 218-3481.

Source: www.dailyprogress.com

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