The Newport News Micro Loan Program is designed to assist small companies and start-ups in obtaining financing that might not otherwise be available. The program will lend up to $25,000 (minimum $2,000) to new or existing businesses located or to be located in Newport News, subject to the availability of funds and the approval of the Newport News Industrial Development Authority Revolving Loan Fund Committee.
The program will fund working capital, minor leasehold improvements and small equipment and furniture needs. Technical assistance is also provided to borrowers.
The program makes fixed interest loans at an interest rate of 8% (or 7% if the business is located in a Newport News Enterprise Zone). The typical term for working capital is 24 months, or 36-60 months for equipment. A personal guarantee is required and other collateral may also be required.