Starting Business Through the Microenterprise Development Division, entrepreneurs have access to a range of training, technical assistance and lending programs at CVC. To assist in the start-up, stabilization or expansion of microenterprises, capital ranging from $500 to $35,000 is made available from CVC’s Microloan Fund. CVC also operates three small business incubators which provide below market office space, business support services and technical assistance to emerging ventures.
Expanding Business – Through the Job Development Division, CVC offers capital to small businesses seeking to expand and create jobs via:
- CVC's Small Business Expansion Program, which provides loans from $35,000 to $150,000 to expanding ventures;
- CVC's SBA 504 Loan Program where businesses can secure loans up to $3 million and
- CVC's New Markets Tax Credit Program where businesses can secure loans up to $10 million or beyond for their expansions and job creation efforts in distressed Kentucky communities.
Homeownership - CVC assists families to accumulate assets and build wealth via homeownership by offering the following products and services:
- Homebuyer Education. CVC educates potential homebuyers about all phases of the homebuying process via its 8-hour Realizing the American Dream class. This class is taught in its local offices or is easily accessible to customers online via the virtual learning website titled eHome America.
- Financial Literacy Training. CVC’s Smart Credit workshops provide customers with basic education regarding financial management, budgeting, savings, and credit repair to assist families.
- One-on-one pre- and post-purchase counseling. CVC provides individual counseling to families seeking homeownership opportunities.
- Foreclosure prevention counseling. CVC provides one-on-one counseling and loss mitigation intervention to homeowners who are at risk of foreclosure.
- Down Payment & Closing Cost Assistance Program. CVC provides grants, forgivable or amortizing second mortgages to families who do not have the upfront cash resources to cover downpayment and closing costs for the purchase of a home.
- Lease Purchase Program. CVC offers a Lease Purchase arrangement for families who seek homeownership opportunities but who need intensive counseling to help them repair credit and become better prepared for homeownership.
- Low-Cost First Mortgage Programs. CVC may offer flexible first mortgage financing in-house (as capital is available) to credit-worthy homebuyers who cannot access conventional mortgage products.
- CHDO Development Program. CVC acquires vacant lots and newly constructs affordable single family homes, or purchases and rehabs existing single family homes, for re-sale to low-income homebuyers in its rural markets.
- Neighborhood Stabilization Program. CVC recently received a funding commitment from HUD to acquire and rehab foreclosed or abandoned single family homes for re-sale to families at or below 120% AMI to assist in the stabilization of neighborhoods negatively impacted by the foreclosure crisis.