Revolving Loan Fund

The VCEDA Communities for Opportunity (CFO) Loan Fund is another revolving loan fund operated by VCEDA designed to encourage economic development in the coal producing counties of Virginia, thanks to an agreement with the Virginia Department of Housing and Community Development which provided the original funding many years ago to establish this program.

The CFO Loan fund is intended to encourage the development and growth of businesses in the VCEDA coal-producing counties where the development and growth of such businesses will create a unique opportunity in a specific community that would not otherwise be addressed without financial support from VCEDA.  An example may include fixed asset financing to support the location or expansion of a company and the creation of jobs in a community where the project may not happen without support from the CFO Loan Fund.  The project should be one that will have a significant positive effect on attracting further economic development, jobs, and/or opportunities to the community.  In order to maximize the resources of this program, all projects requesting funding under this program must have a source of matching funds sufficient to match every dollar requested from the VCEDA CFO Loan Fund with one dollar from some other source(s).

For-profits, nonprofits, and industrial or economic development authorities in the region are eligible to apply.  Funds generally may be used for fixed asset needs such as building construction, expansion, or rehabilitation, or the purchase of equipment, machinery, and tools.