New CLiMB Funding for Campbell County
Are you a small business owner in Campbell County, looking for a financing opportunity to take your venture to the next level? The Campbell County Industrial Development Authority (IDA) has just unveiled an exciting new program designed to do just that. We are proud to introduce the Campbell Low-interest Momentum Building (CLiMB) Fund, offering low-interest loans to businesses right here in Campbell County.
The CLiMB Fund in a Nutshell
The CLiMB Fund is a financial lifeline for licensed businesses within Campbell County. Small business owners can apply for loans of up to $10,000 at a competitive rate, set at one percent below the Prime interest rate. These loans come with flexible terms, allowing you to choose a repayment period of up to 60 months. What’s more, the IDA has committed a substantial $50,000 to this program, underscoring their dedication to the local business community.
A Revolving Loan Fund for Community Growth
Revolving Loan Funds, like the CLiMB Fund, are pivotal tools that communities use to support local businesses. By offering these loans, we create opportunities for job growth and stimulate private investment, which ultimately contributes to a more diversified and stable local economy. The IDA’s mission for the CLiMB Fund is clear: to stimulate business development and expansion, encourage private investment, promote economic growth, and enhance community vitality. Campbell County proudly stands as the sole locality in the region offering a program of this kind.
Why Now is the Perfect Time to Climb Higher
Nina Rezai, Campbell County’s Director of Economic Development, highlights the program’s impeccable timing. She explains, “Although this new program has been in the works for several months, the recent increase in interest rates has made the timing of the CLiMB Fund rollout particularly helpful. We are hoping the attractive terms of these loans will encourage businesses to act on potential projects and expansions.”
How to Apply for the CLiMB Fund
If you’re eager to seize this opportunity for your business, the application process is straightforward. Visit CampbellVirginia.com/BusinessSupport to access the program details and application process. You’ll find a link to the Eligibility Questionnaire, the initial step in the application process. Applications will be accepted on a rolling basis until the fund is depleted. Rest assured, it will reopen as loan repayments replenish the fund balance, allowing us to offer the next round of loans.
In Safe Hands with Select Bank and the IDA
The IDA has partnered with Select Bank to service CLiMB Fund loans, ensuring that businesses receive the necessary support throughout their journey. However, it’s crucial to note that all decisions regarding loan applications will be made by the IDA, guaranteeing a local focus and a deep understanding of the unique needs of Campbell County businesses.
The Campbell County Industrial Development Authority’s CLiMB Fund is a game-changer for local businesses. If you’re a small business owner in Campbell County, this is your chance to access low-interest loans and propel your venture to new heights. The program embodies a commitment to community growth, economic stability, and the success of local businesses. Seize this opportunity, and together, we’ll climb towards a brighter future for Campbell County.