Peninsula businesses looking for economic help to assist with economic disruption caused by the coronavirus have several local resources to help them get back on their feet or keep their doors open.
The City of Newport News applied for and received funding through a Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Assistance Grant to establish a new revolving loan fund for small businesses in Newport News and Hampton. The fund provides low-interest loans, with flexible rates and terms, to coronavirus-impacted businesses in both cities.
The new fund, the Peninsula CARES Act Fund (PCAF), has been established 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 between $7,500 and $350,000. Loans may be used for acquisition of machinery and equipment, working capital (including inventory), marketing, facility remediation, and cleanup costs.
The York County Office of Economic Development has also been supporting local businesses with important information and resources. New programs are still being launched, so businesses in York County are encouraged to frequently check the COVID-19 Business Resource page on their website to see what is available. The links, qualifications and details on how to apply for grants and other loans are available on this page. In addition, York County Economic Development continues to host a Lunch and Learn Series, as well as other small business and networking seminars, geared toward surviving these challenging times. For additional information, visit www.yesyorkcounty.com or call 757-890-3717.