City of Newport News Loan and Incentives
The Department of Development, in conjunction with other agencies, offers a number of low-interest loan and other financing programs designed to attract new businesses and encourage the expansion of existing businesses. These programs include:
The Economic Development Authority of the City of Newport News, Virginia (EDA) has agreed to help Newport News Small, Women and Minority-owned private businesses grow revenues and jobs through e-Commerce, and has set aside a business assistance grant fund for that purpose. Funding is for eligible e-Commerce services benefiting Small, Women- and Minority-owned, for-profit businesses licensed and located in Newport News. Funds are awarded on a per-case basis and must be provided by a registered licensed e-Commerce service provider.
The objective is to restore, sustain, and improve commercial properties located within the City of Newport News. Provides matching grant funds, up to a maximum of $30,000, to assist with eligible façade improvements on properties city-wide that are used for commercial, industrial, office or mixed-use purposes. May assist in financing the cost of eligible façade improvements such as: awning installation, exterior lighting, hard-scape improvements, signage and more.
Designed to provide loan opportunities from $5,000 to $250,000 for local businesses without sufficient financing from private lenders. Loans are targeted to businesses that create jobs that help to mitigate effects of defense cutbacks in Newport News. Requires a 1:1 (100%) match with private funds and no more than 25% of a loan can be used for working capital.
Designed to provide loan opportunities for the establishment, stabilization or expansion of small micro-enterprises with lack of access to capital. Loan amounts range from $2,000 to $25,000 with a maximum term of five (5) years. Interest rates are fixed for the term of the loan. The loan program has flexible payment terms and a 10% equity requirement.
Supports businesses making taxable investments within the City and providing job opportunities for low and moderate-income persons. The minimum loan amount is $10,000 and the amount of funds is tied to the number of jobs created. There is a 2:1 (200%) private funds match for NNUDAG funds and no more than 20% of the NNUDAG loan may be used for inventory and working capital.
Fixed-asset, direct loan program to businesses that will create new employment opportunities. Loan amounts can range from $20,000 to $200,000. Requires a 2:1 (200%) private funds match and no more than 40% of the loan can be used for working capital.
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