Community Investment Collaborative
The Community Investment Collaborative, formerly the Community Investment Corporation, (CIC) is a locally focused microfinancing group based in Charlottesville that was founded in 2011. [1] It aims to ameliorate the difficulty many small businesses have in obtaining funding from traditional banks.
Since its founding in 2012, the group has awarded more than $206,000 in loans, helped to launch 61 businesses and aided in the growth of 76 existing businesses. [2]
Background
In 2011, CIC secured funding for its first year and hired its first staff member, Hebah Fisher, a recent UVA graduate in microfinance.
In itss early stages, the group aimed to be a "nexus for everything small business," from providing microloans, to providing education for small businesses, to pairing new owners with established mentors[3].
The CIC takes entrepreneurs with an existing businesses or idea through 4 months of training in the technical aspects of running a small business. The participants also are matched with experiences business owners as mentors through the process. After the 17-week program, the graduates of the CIC can apply for microloans up to $35,000 to go towards growing their small business.[4]
Organizers of the CIC plan to begin the project with nonprofit status and eventually add a for-profit branch. It hopes to be financially self-sustaining within three years. It plans to gain revenue from membership dues, client fees, and educational seminars[3].
2013
The third CIC class began on September 3, 2013, with 27 entrepreneurs participating from Louisa, Albemarle, Fluvanna, Charlottesville, and Staunton.[5]
2018
The CIC opened up a collaborative workspace on Preston Avenue in March 2018. [2]
Board Members
- Fairfax Ayres, Chair
- Todd Kennedy, Vice Chair
- Sara Clayborne
- Lee Elberson, Treasurer
- Molly Fulton
- Dana Goldsmith
- Laura Horn
- Shawn Pendleton
- Charles Thacher
- Jessica Tiller
- Elizabeth Willingham
Former board members
- Wendy Brown, Co-Founder
- Gordon Bennett, Co-Founder, Secretary
- Toan Nguyen, Co-Founder
- Anne Nelson
- Philippe Sommer
- Mac Thompson
References
- ↑ Web. Community Investment Collaborative, Non-profit profiles, Center for Non Profit Excellence, retrieved May 1, 2012.
- ↑ 2.0 2.1 Web. CIC opens workspace for local entrepreneurs, Josh Mandell, News Article, Charlottesville Tomorrow, March 30, 2018, retrieved April 4, 2018.
- ↑ 3.0 3.1 Web. Thinking outside the banks: CIC tries to grow Charlottesville's small businesses, Brendan Fitzgerald, C-VILLE Weekly, Portico Publications, 25 Oct, 2011, retrieved 28 Oct, 2011. Print. 25 Oct, 2011 , 23.43, page 10.
- ↑ Web. Community Investment Collaborative, retrieved 3 September 2013.
- ↑ E-mail. Stephen Davis, Community Investment Collaborative. "CIC Announces Fall Class." Message to . 3 September 2013.