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Posted on: March 13, 2020

Norfolk Introduces a Business Loan Product for COVID-19 Interruptions

This Norfolk Business Loan product is a solution for companies that are being impacted by inventory and foreign supply chain disruptions and in jeopardy of ceasing business operations.

NORFOLK, VA - The City of Norfolk Department of Economic Development is introducing a loan product to offset foreign supply chain disruptions to existing businesses in the city of Norfolk, starting March 23, 2020.

Norfolk’s Department of Development currently provides several products to assist companies with capital support. Businesses who export goods domestically and/or internationally and have experienced a significant decline in revenues or working capital are encouraged to apply. This Norfolk Business Loan product is a solution for companies that are being impacted by inventory and foreign supply chain disruptions and in jeopardy of ceasing business operations.

“The City of Norfolk values its businesses and realizes the importance of possible COVID-19 impacts on our area,” said Mayor Kenneth C. Alexander “We are a center of global trade and commerce and are being vigilant in our efforts.”

Amounts will generally range from $10,000 up to $35,000 and is funded by the Federal Economic Development Administration.  Loan decisions will be made by the City of Norfolk’s Economic Development Authority. This product may continue to evolve to support the needs of our local business community.

For more information, please contact the Norfolk Department of Economic Development at 757-664-4338.

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