Capital Access Program Application Dates:

CAP Loan Application Round:

Opens: Monday, May 2nd @ 9:00 AM

Closes: Sunday, May 15th @ 11:59 PM


VERY IMPORTANT NOTE

To apply for any Capital Access Program product, you MUST upload the CAP Workshop Completion Certificate from the

 Capital Access Program Website




Capital Access Program Available Products:


Micro Loan: $25,000 or Less Streamlined Product

  • Amount: $5,000 - $25,000
  • Years in Business: Must have been in existence for at least 2 years WITH documented sales/revenue
  • Must have no more than 250 employees 
  • 0% interest rate and deferred payments up to 6 months
  • How the money can be used: included but not limited to inventory, materials, equipment, general business operating expenses, and working capital  


Traditional Norfolk Revolving Loan Fund:

  • Amount: $25,001 - $50,000
  • Years in Business: Preferably 3 or more years of business operation WITH documented sales/revenue
  • Must have no more than 250 employees 
  • Flexible payment terms are available
  • How the money can be used: included but not limited to inventory, materials, equipment, working capital, debt refinancing, real estate, etc.

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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