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The original item was published from 3/25/2021 10:38:00 AM to 4/6/2021 12:55:11 PM.

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Economic Development

Posted on: March 25, 2021

[ARCHIVED] Financial help for small businesses that have been hurt by the ongoing pandemic

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March 25, 2021 - Our nation's small businesses are in the middle of an unprecedented economic disruption due to the coronavirus outbreak. To assist small businesses during the Covid-19 pandemic, the city of Newport News has applied for and received funding through a CARES Act Recovery Assistance Grant to capitalize and administer a new Revolving Loan Fund. This fund would provide loans, with flexible rates and terms, to coronavirus-impacted businesses in the cities of Newport News and Hampton.

The Peninsula Cares Act Fund has been established to alleviate sudden and severe economic dislocation caused by Covid-19, to provide permanent resources to support economic resiliency, and to further the region’s long-term economic recovery. The relief fund distribution will be primarily through direct loans to businesses of up to $350,000. The minimum loan amount is $7,500. Some of the allowable uses of the loan funds include acquisition of machinery and equipment, working capital (including inventory), marketing, facility remediation and cleanup costs.

For more information on the Peninsula Cares Act Fund, and to find out how to apply, Newport News businesses should visit the Newport News Department of Development’s website and Hampton businesses should visit Hampton’s Economic Development website. You can also go directly to the application here in Hampton or Newport News.

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