Financial information for small business owners

This page contains information on federal, state and local loan programs, tax incentives, and other financial resources available to both established small businesses and startups.

If you have questions, please do not hesitate to reach out to us or your lender.

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Community Business Partnership Loans

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

They provide financing but also share knowledge though the Community Business Partnership family of business assistance providers. We require loan clients to attend informative training sessions and regular counseling sessions to help them become even better business owners.

*Community Business Partnership is an ‘Equal Opportunity Lender’ and does not discriminate on the basis of race, color, religion, national origin, sex, handicap, or familial status. Click Here for the CBP Loan Inquiry Form

CBP-SBA Microloan Fund

Community Business Partnership is an approved SBA Intermediary Microloan lender. We are currently lending in the Fairfax County business market. We look forward to expanding our financing market/areas of service in the near future.

Who it helps

Individuals seeking to start a business, startups, and established small businesses seeking capital to grow and expand their operations.

Rates, Terms, Costs

  • Amount Maximum: $1,000  – $50,000 per business  (per owner)
  • Interest Rate:  Fixed rate per SBA terms – as low 7.75% to a high of 9.625%
  • Terms: Up to 6 years
  • Fees:   Closing fee rate: 3% (Fees are financed into the loan);
    • Late payment fee: 5% of outstanding balance;
    • Non sufficient funds fee: $25.

Eligibility

  • Must be a start-up, newly established, or growing for profit small business concern or, a non-profit child care center.
  • Businesses with 50 or fewer total employees
  • Must be established and operating in Fairfax County. (other localities will be added)
  • Existing businesses must have an ‘ACTIVE’ status with State Corporation Commission
  • Must be a U.S. Citizen or have legal residency status.
  • Must meet type of business eligibility standards at the time of application for the Microloan.
  • Must be be considered small under SBA 7(a) business loan size requirements. Reference 13 CFR §121.201 for applicable Size Standards.
  • IF you are applying for more than $20,000 through this program, you must meet  a “no credit elsewhere” test.
  • Other eligibility requirements might apply based on your business.

Ineligible Types of Businesses

  • Any nonprofit business other than a nonprofit childcare center;
  • Any financial business primarily engaged in the business of lending;
  • Life Insurance companies;
  • Any businesses located in a foreign country;
  • Any pyramid sale distribution plan;
  • Any business deriving more than one-third of its gross annual revenue from legal gambling activities;
  • Any business engaged in illegal activity;
  • Any private club or business that limits membership for reasons other than capacity;
  • Government-owned entities (except businesses owned or controlled by a Native American tribe);
  • Any businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting;
  • Loan packagers earning more than one third of their gross annual revenues from packaging SBA loans;
  • Any business in which the Intermediary or any of its Associates owns an equity interest;
  • Any business primarily engaged in political or lobbying activities;
  • Any businesses in which an Associate is an undocumented (illegal) alien; or
  • Any business owned or controlled by an applicant or any of its Associates who are presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation by any Federal department or agency.

*Note: Other ineligibility business types might apply. Check with the CBP lending team.

Fund Uses

Borrowers can use the loan funds for the following needs:

  • Purchase of furniture, fixtures, supplies, materials, equipment, and/or
  • Working capital
  • Applicable business operating expenses

*Microloan program funds should not be used to improve any part of a private home unless that part is specifically dedicated to the funded business.

Ineligible Uses

  • It cannot be used to pay debts to close the business;
  • Non-business related expenses;
  • Purchase real estate;
  • Payment of delinquent taxes including Federal, state, or local payroll taxes, sales taxes, or similar taxes that are required to be collected by the applicant and held in trust on behalf of a Federal, state, or local government entity.
    • IF applicant has an approved payment arrangement with the IRS and is current on the payments in the arrangement, an applicant may be considered for a microloan.

Requirements

Prospective applicants must participate in a brief application intake and pre-submission counseling session. Successful borrowers are required to access business technical assistance support through training classes and 1-on-1 business counseling support for growth and sustainability.

Interested in apply for the CBP’s SBA Microloan, please submit a loan inquiry and a CBP lending team member will follow-up with you.

The NOVA Freedom Fund

The NOVA Freedom Fund is designed to help minority/people of color entrepreneurs located in Northern Virginia . It is a revolving loan fund funded by the Freedom Bank Foundation and various donors.

Who it helps

Startups in business at least one (1) year and established minority small businesses seeking capital to grow and expand their operations.

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.

Eligibility

  • For-Profit businesses with 50 or fewer total employees;
  • 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;
  • Be in ‘ACTIVE’ status with VA State Corporation Commission;
  • Have history of meeting financial obligations
  • Must be a U.S. Citizen or have legal residency status in the U.S
  • Must have no outstanding Federal or State tax liens
  • Must be located in:
    • VIRGINIA
      • Counties of: Arlington, Fairfax, Fauquier, Loudoun, and Prince William
      • Cities of: Alexandria, Fairfax, Falls Church
    • MARYLAND
      • Counties of: Montgomery and Prince George’s
    • DISTRICT OF COLUMBIA

Other Requirements

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

Click Here for the CBP Loan Inquiry Form

The Fairfax County Small Business Revolving Loan Fund

Who it helps

The Fairfax County Small Business Revolving Loan Fund was created by the Fairfax County Supervisors to help small businesses seeking financing that they cannot establish through traditional means.

Eligibility

  • Must be a for-profit
  • Businesses with 50 or fewer total employees (for businesses with multiple locations, the 50-employee limit is the total for all business locations inside or outside of Fairfax County)
  • Must be established and operating in Fairfax County (including the Towns of Herndon, Vienna and Clifton) for one year.

Fund Uses

  • working capital
  • equipment
  • rent and/or utilities for commercial space,
  • inventory.
  • It cannot be used to pay debts to close the business;
  • borrower must agree to maintain the business in Fairfax County for the duration of the loan.

Rates, Terms, Costs

  • Amount Maximum: Up to $30,000 per business (no more than one business per borrower or related entity)
  • Interest Rate:  Prime Rate + 0% to Prime Rate + 3%
  • Terms: Up to 6 years
  • Fees:  UCC Filing: $60; Credit Check Fee: $50;
    • Late payment fee: 5% of outstanding balance;
    • Non sufficient funds fee: $25.

Requirements

Prospective applicants must participate in a brief application intake and pre-submission counseling session.

Click Here for the CBP Loan Inquiry Form

Private Funding Opportunities

Minority Business Specific

HerRise Micro-Grant - Monthly Awards

Learn More and Apply Here

The HerRise Micro-Grant provides financial support to women of color creating innovative solutions that impact their community and that are often unable to secure funding for their small business. Each month a $500 micro-grant will be awarded to a small business owned by women of color.

To qualify:

  • Business is 51% owned by women of color
  • Business is currently registered in the US
  • Non-profits, franchise, direct seller, authorized reseller or independent consultant not eligible
  • Applicant must be a HerSuiteSpot members, registration is free at www.hersuitespot.com/register

Learn More and Apply Here

Amber Grant

The Amber Grant is named after a young woman who died before fulfilling her dream of becoming an entrepreneur. WomensNet began the grant, which distributes $1,000 monthly grants to women with a range of small business ideas. The recipients who gain a $1,000 grant are also eligible for an annual $10,000 small business grant.

Application

SoGal Foundation Grants

Application Page

SoGal Foundation has teamed up with multiple sponsors to provide several $10K and $5K cash grants to Black women or nonbinary entrepreneurs.

Awardees will also receive tactical help navigating the fundraising environment at large so that they will have a more equitable opportunity at scaling the next billion dollar idea. They will also receive lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams. 

Key Points: 

  • self-identify as a Black woman or Black nonbinary entrepreneur (inclusive of multiracial Black women and multiracial Black nonbinary folks)
  • have a legally registered business
  • plan to seek investor financing in order to scale, now or in the future
  • have a scalable, high-impact solution or idea with the ambition to be the next billion dollar business.
  • Application
Grant Funding

$5,000-$25,000 Grants for Your Small Business

The Small Business Growth Fund is back for the third and final round of 2023! In partnership with the Global Entrepreneurship Network (GEN) and with funding from Etsy and Progressive, the Small Business Growth Fund provides small business owners the capital they need to make their next move. Recipients will receive $5,000-$25,000 grants to help accelerate their growth and achieve their goals.

Who's eligible?

Eligible businesses must:

  • Be a for-profit business located and registered in one of the 50 United States, Puerto Rico, or the District of Columbia
  • Have less than $1M in 2022 gross annual revenue
  • Have a commitment to their customers and community
  • Have a clear plan for how the funds will help them achieve a significant growth milestone in the next year

Application Page

The FedEx® Entrepreneur Fund

The FedEx® Entrepreneur Fund will accept applications from August 28, 2023 to October 6, 2023 at 6pm ET. 

In partnership with Hello Alice and the Global Entrepreneurship Network(GEN), FedEx has launched the second round of the FedEx® Entrepreneur Fund to support entrepreneurs in the United States by providing them with $300,000 in grants and educational resources. This program is designed to offer entrepreneurs the necessary funding, resources, and networks to enhance the success of their businesses.

Through the FedEx® Entrepreneur Fund, thirty (30) grants of $10,000 each will be awarded to entrepreneurs who have a connection to the military and/or entrepreneurs with disabilities.

Who's eligible?

To be eligible, small businesses must be:

  • Majority (51%+) owned and operated by entrepreneur(s) with disabilities OR
  • Majority (51%+) owned and operated by military-connected entrepreneur(s) — includes military family members, military spouses, active personnel, or veterans

Other eligibility criteria includes:

  • Maximum of twenty-five (25) employees
  • Annual gross revenues in 2022 of less than $7 million
  • Demonstrated need for funding to support business and serve customers

Application Page

 

GoFundMe Small Business Relief Fund

The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic.

The Small Business Relief Initiative will supply financial assistance and support to businesses across the country by providing grants, tools, and resources to help during the crisis.

The Small Business Relief Fund will provide one-time matching grants to qualifying small businesses to help alleviate the financial burdens during these pressing times. Donations to the relief fund will be paid out as grants to businesses that qualify, and which businesses have created a fundraiser through the Small Business Relief Initiative or had an existing GoFundMe.

Key Points:

  • Awardees must set up a GoFundMe fundraiser
  • To qualify for a matching grant from the Small Business Relief Fund, the GoFundMe fundraiser must raise at least $500
  • Must verify that your small business has been negatively impacted by a government mandate due to the COVID-19 pandemic
  • Your small business must be independently owned and operated, and not nationally dominant in your field of operation
  • Each recipient of the matching grant must intend on using the funds to help care for your employees or pay ongoing business expenses
  • Learn More / Application

Northern Virginia Incumbent Worker Training Grants

Application Page

In order to meet local employers’ demand to re-train their existing workforce, Virginia Career Works Northern Region offers Incumbent Worker Training grants through the Federal Workforce Innovation and Opportunity Act (WIOA). These funds can assist employers to support their employees in gaining new skills and in making their businesses more competitive and profitable.

The grant program reimburses employers for the cost of training their workers, and cover training costs such as instructional costs for training courses, classes for certification exams, online training, textbooks and manuals. Participating businesses must provide a minimum matching contribution to the Incumbent worker training project, in amounts identified in the State of Virginia policy based upon company size. These matching funds may include in-kind services.

To apply for a grant, employers must submit an application and request on company letterhead via email to David Hunn at david.hunn@vcwnorthern.com.

Application Page

City of Manassas Cash Grants

The City recognizes that starting, expanding and relocating your business come with unique costs. The City of Manassas has designed the following programs to help, because our success is tied to yours.

Learn More Here

National Association for the Self-employed (NASE) Growth Grants

These grants are intended for NASE Members that want to grow their business, and they offer $4,000 and the awarded funds can be used for a wide range of business activities.

To be eligible, you must be a member in good standing.

The following members may apply immediately:

  • Annual Members
  • Veteran Members
  • Silver Members (Paying Annually)
  • Gold Members

The following members may apply after 90 days of membership:

  • Monthly Members
  • Silver Members (Paying Monthly)

What are the selection criteria?

Criteria used in evaluating applications and awarding grants include:

  • Review of identifiable business need
  • Detailed use of the proceeds of the grant
  • The potential of the grant to satisfy the identified business need
  • The potential impact of the grant on overall business growth and success. 

Learn More Here

Nav’s Quarterly Small Business Grant

Nav offers quarterly grants of $10,000 to help solve a business problem or take applicant’s business to the next level. 

Check back soon for the next application period! 

Loan / Seed Funds

Southern Opportunity and Resilience Fund (SOAR)

The Southern Opportunity and Resilience (SOAR) Fund is a new program built to support small businesses and non-profits across the South and Southeast to help them navigate and rebuild from the COVID-19 crisis.
 
Key Points: 
  • This is a loan fund
  • $53 million available
  • Maximum $100,000
  • To date, $11 million funded covering 250 small businesses
  • 90% of recipients to date had 10 or fewer employees
  • Learn more
Grant Search Sources

Grants.gov

This is a federal database that provides details on all federal government grant opportunities.

Learn More Here

SAM.gov

The System for Award Management (SAM.gov) is an official website of the U.S. Government. There is no cost to use SAM.gov.

You can use this site to:

  • Register to do business with the U.S. Government
  • Update, renew, or check the status of your entity registration
  • Search for entity registration and exclusion records
  • Search for assistance listings (formerly CFDA.gov), wage determinations (formerly WDOL.gov), contract opportunities (formerly FBO.gov), and contract data reports (formerly part of FPDS.gov).
  • View and submit BioPreferred and Service Contract Reports
  • Access publicly available award data via data extracts and system accounts

Learn More 

OpenGrants

OpenGrants is a search engine for grants and a marketplace of grant experts for startups, nonprofits, and small business.

Learn More Here

GrantWatch

This is a subscription-based site that provides information on public and private grant sources.

We are the #1 grant listing directory featuring more than 28,481 current grants, funding opportunities, awards, and archived grants (that will soon be available again) from foundations, corporations, federal, state, and local government funding sources in the USA, U.S. Territories, & Canada.

Learn More Here

COVID-19 Funding Opportunities

PPP Forgiveness

First Draw & Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs

Learn more about the process.

SBA Debt Relief

Due to coronavirus, SBA borrowers qualify for temporary debt relief. SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and microloans in regular servicing status as well as new 7(a), 504, and microloans disbursed prior to Sept. 27, 2020 and does not apply to loans made under the Economic Injury Disaster Loan (EIDL) program.

 

Economic Injury Disaster Loans (EIDL)

Notice: COVID EIDL is no longer accepting new applications but will continue to accept requests for increases, reconsideration, and appeals.
 

Virginia small businesses suffering economic injury due to coronavirus (COVID-19) are eligible to apply for low-interest SBA loans.

SBA is again accepting applications from all small businesses impacted by COVID-19. Applications already submitted will continue to be processed on a first-come, first-served basis.
 
Key changes as of 1/4/2022 include:
  • Notice: COVID EIDL is no longer accepting new applications but will continue to accept requests for increases, reconsideration, and appeals.
  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

COVID-19 Trageted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding. See SBA COVID-19 Economic Injury Disaster Loans program page for more information. 
 
Applicants do not need to take any action at this time. SBA will reach out to those who qualify.
 

Supplemental Targeted Advance

The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000 that does not have to be repaid. Even if you have previously received the original EIDL Advance in the full amount of $10,000, you may be eligible for the Supplemental Targeted Advance if you meet eligibility criteria. The combined amount of the Supplemental Targeted Advance ($5,000) with any previously received EIDL Advance or Targeted EIDL Advance ($10,000) will not exceed $15,000.

Completing the Targeted EIDL Advance application is a requirement to be considered for the Supplemental Targeted Advance, and SBA is reaching out directly to those who may qualify.

SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
  • Press Release

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