The Norfolk Enterprise Community Loan Program has been developed to assist business and industry in the Enterprise Community by providing below market rate loans for the acquisition of fixed assets. The loan program is structured so that 57% of the financing necessary is obtained from a financial institution of the borrowers choosing, 33% from the Enterprise Community Loan Fund, and 10% in cash provided by the borrower. The interest rate on the Enterprise Community Loan Fund loan is 5% for the full term of the loan.

Location:
10^th Floor, Norfolk Redevelopment and Housing Authority, 201 Granby Street, Norfolk, VA 23510

Contact:
Steve Morales, NRHA
Telephone: (757) 623-1111
Facsimile: (757) 623-6676

Requirements:

• New and/or expanding businesses located in the City of Norfolk's Enterprise Community-- a map is available upon request which identifies the Enterprise Community boundaries.
• Businesses must create new job opportunities, with priority given to industries who employ individuals experiencing loss of employment due to downsizing of the military or defense related industries.

Procedure:

• Contact NRHA for detailed information and an application.
• Following receipt of a loan application, the application is reviewed and acted upon within ten (10) days of submission.

Fees:
None

Other:
The minimum loan amount for the Enterprise Community Loan Fund is $25,000 and the maximum loan amount is $150,000. The Loan Fund can finance the acquisition or construction of real estate or the purchase of machinery and equipment which has a useful life of seven (7) years or more. The repayment term for machinery and equipment is ten years and twenty years for the acquisition of or improvements to real estate. Each approved Enterprise Community loan must create one (1) new, full-time, permanent job for every $20,000 loaned from the Fund. Funds are limited and are not expected to be available indefinitely.