The NOVA Technology Loan Fund is designed to help minority/people of color entrepreneurs in the technology industry located in Northern Virginia who are suffering substantial economic injury because of the COVID-19 economic downturn. It is a revolving loan fund funded by the Freedom Bank and Northern Virginia Technology Council.
Eligibility
- Must have suffered measurable economic losses because of COVID-19.
- For-Profit businesses with 50 or fewer total employees
- Must be a technology company.
- 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.
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.
Requirements
Anyone with >20% of ownership needs to provide all the required documentation:
- Loan Application (provided by CBP)
- Credit Authorization (provided by CBP)
- Business Summary Form(provided by CBP)
- Personal Financial Statement from each guarantor (provided by CBP)
- Current Debt Schedule (business/provided by CBP)
- Tax Returns (2 years – Personal & Business)
- Profit & Loss Statement (Current year-to-date)
- Balance Sheet (Current year-to-date)
- Contract backlog report (if available)
- AR/AP aging report (if available)
For more information click here
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