The cities of Hampton and Newport News are working together to assist small businesses during the COVID-19 pandemic. The Peninsula Cares Act Fund (PCAF) was created to provide direct loans in amounts not to exceed $375,000, with flexible rates and terms, to coronavirus-impacted small, for-profit, businesses located in either Hampton or Newport News. The minimum loan amount is $7,500. Some of the allowable lending activities that may be undertaken with the PCAF loan include acquisition of machinery and equipment, working capital (including inventory), marketing, facility remediation, and cleanup costs. Generally, all for-profit businesses can apply excluding adult entertainment/adult-use businesses.
Program Overview
Current Status: OPEN – a total of $1.5 million dollars is available to lend – applications can be submitted at any time.
What does this program do?
The Peninsula Cares Act Fund offers small for-profit businesses located in either Hampton or Newport News to receive loans of a minimum of $7,500 and up to $375,000.
Acquisition and installation of machinery and equipment
Building rehabilitation costs
Certain refinancing of existing loans (1)
Facility remediation and cleanup costs
Gap financing
Infrastructure costs
Marketing
Other costs contributing to the value of a project's fixed assets, such as sales and use taxes, and interest on interim construction financing
Working capital, including inventory
(1)Refinancing of existing loans shall only be considered in situations where the business could potentially be forced to cut back or close without PCAF loan assistance.
Exclusions
No adult entertainment businesses are eligible to apply.
No proceeds will be used to assist a business to relocate from one city to another.