Capital Access Program Application Dates:

CAP Grant Application Round

Opens: Monday, February 26, 2024 @ 8:00 AM

Closes: Friday, March 15, 2024 @ 11:59 PM

VERY IMPORTANT NOTE

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

Click here for a schedule of upcoming workshops.


Capital Access Program Available Products:


Micro Grant ($7,500)

  • 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
  • Allowable Purchases include but are not limited to: operating licenses, permitting and fees, inventory, materials, equipment, marketing and advertising
  • Ineligible Purchases: Real estate-based transactions to include interior and exterior build out or renovations. Payroll and/or salaries, rent and utilities


Reimbursable Grant ($35,000)

  • 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
  • Allowable Purchases include but are not limited to: marketing and advertising, inventory, materials, utilities, equipment, training, professional fees, supplies, etc.
  • Ineligible Purchases: Real estate-based transactions to include interior and exterior build out or renovations. Payroll and/or salaries, rent and utilities



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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