Goes. Beach launches small business loan program
The initiative is a city partnership with LISC of Hampton Roads
February 1, 2022
The Virginia Beach Small Business Capital Access Program offers loans of $15,000 to $25,000 to small businesses, with no payments required for the first six months.
The program, which is a collaboration between the Virginia Beach Department of Economic Development and the Local Initiatives Support Corp. (LISC) of Hampton Roads, provides $400,000 in interest-free loans to small businesses. It began accepting applications on January 3.
Applicants must be in business for two years and incorporated, hold a current business license in Virginia Beach, and demonstrate annual net income of between $50,000 and $1 million.
“We are pleased to announce this new program and believe it can truly make a difference for small businesses in our community,” Virginia Beach City Manager Patrick Duhaney said in a statement. “Companies with less than 250 employees represent 99% of all businesses in Virginia Beach – so naturally the city wants to deploy resources to support them.”
The city is also helping through its Small Business Resource Center. In August 2021, the city opened The Hive, an entrepreneurial support center in downtown Virginia Beach designed to help early-stage businesses get established properly by offering legal, tax, marketing, banking resources , labor and others.
The LISC program partner opened its Hampton Roads chapter in early 2020, with a mission to bridge the gap between underserved and underinvested communities and organizations that have the capital, resources and willingness to help.
“LISC believes that small businesses are essential to the health of the economy and are at the heart of our communities,” Naomi Gunnell, deputy director of LISC Hampton Roads, said in a statement. “Entrepreneurship and business ownership are important vehicles for building the community wealth of business owners and the people they employ.”