Department Resources

COVID-19 Recovery Microloan Fund

Category: COVID-19 Response

Approved: April 14, 2020

Microloan

Project Status: Complete

Project Description:

Fairfax County launched the Small Business COVID-19 Recovery Microloan Fund to support small businesses adversely impacted by the pandemic. Eligible businesses could apply for loans up to $20,000 at 0% interest on a first-come, first-served basis for essential operating expenses such as working capital, rent, equipment, debt payments and inventory. The Community Business Partnership (CBP) managed the distribution of these funds, resulting in a total of $1,213,500 approved loans for 64 businesses in 2020.

Project Partners: Community Business Partnership

Project Goals:

Support small businesses (fewer than 50 employees) in Fairfax County to continue operating during the COVID-19 pandemic.
Offer counseling services to help small businesses access the best federal, state, or local programs available.
Provide gap financing through a revolving loan fund to deliver growth capital, enabling small businesses to recover from the pandemic and thrive in the future.

Funding Summary:

County Investment: $1,376,750
Total Investment: $1,376,750

County Funding to Date: $1,376,750
Direct Revenue Generated: N/A

Project Milestones:

Loan application eligibility period – April 28 through April 30, 2020.
Total Amount Loaned: $1,213,500
Total Businesses Approved: 64
CBP Administration Fee: $163,250
Established Small Business Revolving Loan Fund with returned principal
Total Amount Loaned: $325,000
Total Businesses Approved: 14

Microloan program now serviced by EDG

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Department Resources

COVID-19 Recovery Microloan Fund​

Microloan

Recent Interactions

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COVID-19 Recovery Microloan Fund