Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. To assist small businesses during the COVID-19 pandemic, the City of Newport News has applied for and received funding through a CARES Act Recovery Assistance Grant to capitalize and administer a new Revolving Loan Fund (RLF). This RLF would provide loans, with flexible rates and terms, to coronavirus-impacted businesses in the cities of Newport News and Hampton.
The new RLF, the Peninsula Cares Act Fund (PCAF) has been established in order to alleviate sudden and severe economic dislocation caused by COVID-19, to provide permanent resources to support economic resiliency and to further the long-term economic adjustment objectives of the region. PCAF activities will be primarily through direct loans to businesses in amounts not to exceed $375,000. The minimum loan amount is $7,500. Some of the allowable lending activities that may be undertaken with the PCAF loan include acquisition of machinery and equipment, working capital (including inventory), marketing, facility remediation and cleanup costs.
For more information on the Peninsula Cares Act Fund, and to learn how to apply, Newport News businesses should visit the Newport News Department of Development’s website at https://www.nnva.gov/2660/Peninsula-Cares-Act-Fund and Hampton businesses should visit the Hampton’s Economic Development website at https://hampton.gov/3845/Peninsula-Cares-Act-Funds-PCAF.