Capital Access Program Application Dates:

CAP Grant Application Round

Opens: Thursday, July 18, 2024 @ 8:00 AM

Closes: Thursday, August 8, 2024 @ 12:00 PM (noon)

VERY IMPORTANT NOTE

To apply for the Capital Access Program, you MUST upload the CAP Grant Workshop Completion Certificate.

Upcoming workshops:

  • July 9 at 10 am, Richard Tucker Memorial Library – 2350 Berkley Ave
  • July 9 at 6 pm, Jordan Newby Anchor Branch Library – 1425 Norchester Ave
  • July 10 at 6pm, Virtual Session – Register Here
  • July 11 at 10 am, Mary D. Pretlow Library – 111 W Ocean View Ave
  • July 11 at 6 pm, Norview Community Center – 6380 Sewells Point Rd
  • July 16 at 10 am, Virtual Session – Register Here
  • July 17 at 10 am, Virginia Career Works Center – 861 Glenrock Rd #100
  • July 17 at 6 pm, Lambert’s Point Community Center – 1251 W 42nd St

Capital Access Program Available Products:

Micro Grant

  • Grant Amount: $7,500
  • Years in Business: Up to three (3) years from business formation date
  • Stage of Business: No less than one year of documented revenues
  • Business owner is low-to-moderate income (LMI) at time of submission
  • Employee Count: Must have no more than 5 employees (including business owners)

Micro Enterprise Grant

  • Grant Amount: $10,000
  • Years in Business: Up to five (5) years from business formation date
  • Stage of Business: No less than 2 years of documented revenues
  • Business owner must be low-to-moderate income (LMI) at time of submission
  • Employee Count: Must have no more than 5 employees (including business owners)
  • Must have participated in a technical assistance program or received a consultation (business accelerator program, business incubation program, technical workshop, training session, etc.)

Reimbursable Grant 

  • Grant Amount: $35,000
  • Years in Business: Three (3) through ten (10) years from business formation date
  • Stage of Business: Minimum of 2 (two) years of documented revenues
  • Business must hire 1 full-time LMI Norfolk resident
  • Employee Count: Must have no more than 50 employees
  • Business must have documented hiring experience

General Eligibility 

Geographic Requirements: In order to be eligible for program funding, the applicant must be a City of Norfolk business. Businesses must have a current City of Norfolk Business License and/or proper City licensing/permits/zoning and/or coding in place prior to submitting the application.

Eligible Applicant Organizational Type: For-profit entities: Sole Proprietorships, General Partnerships, Limited Partnerships (LP), Limited Liability Partnerships (LLP), Corporations (Inc., Corp.), Limited Liability Companies (LLC)

Ineligible Applicant Organizational Type: • Not-for-profit and Faith-based organizations.          • Political Organizations. • Adult bookstores, adult video shops, other adult entertainment facilities, gambling facilities, blood or plasma donor centers, and pawn shops.

Businesses must meet the following conditions to be considered: • In most cases, business must demonstrate a benefit to a low-to-moderate income community or individuals. • Business and owner must be in good standing with the City of Norfolk, State of Virginia and Internal Revenue Service. • No outstanding violations or citations with the City of Norfolk within one year of application. • Business must be formed or incorporated before application is submitted.

Additional Eligibility Information: Business owners who are employees of the City of Norfolk, elected or appointed officials or officers of the City of Norfolk, employees or board members of the City of Norfolk Economic Development Authority are not eligible to apply to the Program.

Programs

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