COVID-19 relief options and additional resources
LEARN MORE Close

SBA Approves Community Business Partnership, Inc. (CBP) as New Microloan Program Intermediary Lender

Release Date: 
Tuesday, August 31, 2021
Release Number: 
21-08-26
Contact: 
jack.spirakes@sba.gov

WASHINGTON – The U.S. Small Business Administration (SBA) awarded $350,000 in new funding authorizing Community Business Partnership, Inc. (CBP) in Springfield, Virginia, to offer microloans to eligible small businesses and not-for-profit childcare organizations in Fairfax County, Virginia. As of August 19, 2021, CBP is approved to implement the SBA Microloan Program, a partnership with a heightened impact on delivering loan capital to small businesses having difficulty accessing financing. 

Funds from SBA’s Microloan Program allow intermediaries like Community Business Partnership to make small loans up to $50,000 to help small businesses and not-for-profit childcare centers start up and expand. The average microloan is about $13,000. The program also provides business-based training and technical assistance to micro-borrowers to help them start or develop their operations. 

“The SBA is excited to welcome Community Business Partnership as an SBA Microlender partner helping to support small businesses and non-profit childcare centers in Fairfax County,” said District Director Larry Webb. “The SBA Microloan Program is uniquely helpful to local small businesses, especially as our region and nation continue to recover from the impacts of the COVID-19 pandemic. The program not only encourages budding entrepreneurs to turn their ideas into reality, but microloans often hold outsized potential for creating and keeping local jobs.” 

Mark Scarano, Executive Director of Community Business Partnership, added, "Since 1995, the CBP has counseled and trained well over 65,000 entrepreneurs in Northern Virginia, as they start and grow their businesses. Thanks to this successful award, we can now add SBA microfinancing to our outstanding services." Scarano went on to compliment the CBP's Business Finance Center staff, stating, "I'm so proud of these professionals. They sincerely care about promising business owners who are unable to acquire traditional debt capital. The team developed this application to fill a growing access-to-capital gap in Northern Virginia, particularly among minority business owners." 

The Community Business Partnership is a non-profit, 501(c)(3) tax-exempt organization working in collaboration with a number of local, regional and national organizations. It promotes small business growth in Fairfax County and beyond by offering a full spectrum of educational and support services to local entrepreneurs, enabling them to make significant contributions toward a vibrant economy. 

Fairfax County-based small businesses and non-profit childcare centers interested in applying for a microloan loan may call Community Business Partnership directly at 703-768-1440. 

### 

About the U.S. Small Business Administration 

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov