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NEW! CLiMB Fund Program Offers Low Interest Loans to Campbell County Businesses

Campbell County Industrial Development Authority
Posted on: October 10, 2023 - 4:08pm
Illustration reading Accepting Applications Climb Your Way to the next level with a ladder and the fund logo

The Campbell County Industrial Development Authority (IDA) presents a new financing opportunity for small business owners called the Campbell Low-interest Momentum Building (CLiMB) Fund. Licensed businesses in Campbell County may apply for a loan up to $10,000 at one percent below the Prime interest rate over a period up to 60 months. The IDA has set aside $50,000 for the program.

Revolving Loan Funds, such as the CLiMB Fund, are financing tools for communities to provide loans to local businesses, which in turn, create jobs and leverage other private investment while helping diversify and stabilize the local economy. CLiMB Fund loans are available to fill the gap between a Campbell County business's financial needs and the amount that can be borrowed from a lender. The IDA’s stated mission for the fund is to “stimulate business development and expansion, encourage private investment, promote economic development, and enhance community vitality.” Campbell County is the only locality in the area currently offering a program like this one.

“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 roll out particularly helpful,” said Nina Rezai, Campbell County Director of Economic Development. “We are hoping the attractive terms of these loans will encourage businesses to act on potential projects and expansions.”

Businesses interested in the application process can visit CampbellVirginia.com/Business Support. Details of the program and the application process are listed including a link to the Eligibility Questionnaire, which is the first step in the application process. Applications will be accepted on a rolling basis until the fund is depleted and will reopen once loan repayments replenish the fund balance enough to offer the next loan.

The IDA has engaged Select Bank to service CLiMB Fund loans, however, all decisions regarding the loan applications will be made by the IDA.