OUR LOAN PROGRAM
CEO provides an alternative loan service. This low-interest loan helps people avoid the cycle of debt that can result from payday and car title loans. Loans are available on six-month or one-year terms, up to $650 per client. The CEO loan currently has an interest rate of 9.5%. Virginia National Bank (VNB) is the lender for the CEO loan program, and CEO has a loan guaranty fund with VNB.
Over 125 CEO loans have benefited lower-income people by paying for car repairs, paying off predatory loans, providing security deposits, offering small business start-up costs, helping repair credit and more.
To apply for a loan, learn more about the Coalition for Economic Opportunity’s affordable loan (up to $650 per person) or for other information call 434-260-1895.
OPERATION OF LOAN GUARANTEE FUND
CEO Service area: People who live and/or work in Planning District Ten (the City of Charlottesville and Counties of Albemarle, Fluvanna, Greene, Louisa and Nelson).
Funds available per month: General limit of $3,000 total per month, although this can be somewhat flexible. The major danger is depleting the loan guaranty fund. If the limit on funds has been reached, we encourage people to call on the first business day of the following month.
Loan renewal: a current CEO loan holder needs to wait up to six (6) months after he/she makes the last payment on the current loan before the person can apply for a new loan.
Virginia National Bank is the only lender involved with making the CEO loans.