2022 Entrepreneurship SupportJanuary 13, 2023
VEZ State & Local Incentives – Applications for Grant Year 2023 due April 1, 2024February 20, 2024
Building a successful business is full of ups and downs. We’ve been thrilled to be able
to provide resources that enable business owners to succeed.
Let’s look at some of the grants and loans that businesses have been able to tap into with our help:
Newport News Micro Loan Program
This program helps small companies and start-ups secure financing that might not otherwise be available, for things like working capital, minor leasehold improvements and small equipment and furniture needs. The program lends up to $25,000 to new or existing businesses.
Newport News Capital Fund Loan Program
The Newport News Capital Fund lends up to $250,000 to finance new fixed asset investment in our City, such as machinery, equipment and real estate. Up to 25% of the loan proceeds can be used for working capital.
Peninsula Revolving Loan Fund
This program builds new employment opportunities with loans from $2,000 – $200,000 in collaboration with the City of Hampton to finance new fixed asset investment for companies otherwise unable to obtain financing.
Micro Enterprise Grants
The Micro Enterprise Grant Program was established in 2022 as a pilot program for the City’s Southeast Community. It helps diversify our economy by creating and growing for-profit companies with five or fewer employees. The grants range from $500 to $3,500 and support individuals in creating, expanding or maintaining their local micro-enterprise business.
Façade Improvement Grants (FIG)
The FIG program aims to restore, sustain and improve commercial properties located within the City of Newport News by providing matching grant funds, up to $20,000, for eligible façade improvements on properties citywide that are used for commercial, industrial, office or mixed-use purposes.
This program assists small, women and minority-owned, for-profit Newport News companies in growing their businesses and creating jobs through e-Commerce. Services covered by this grant include search engine optimization, shopping systems and email marketing, system database development and website design and development.
Virginia Enterprise Zone Grants
The Virginia Enterprise Zone (VEZ) Program is a state and local partnership proven to stimulate economic development through job creation and private investment. Newport News boasts two of these highly-coveted zones, which offer identical state incentives, as well as local incentives tailored to specific land use and development strategies of each zone.
Newport News Urban Development Action Grant Loan Program
Similar to the Capital Loan Funds, these Urban Development loans offer up to $250,000 and are designed to finance new fixed asset investments. Loans are made to businesses that create a significant number of jobs for low- and moderate-income residents of our City, or that otherwise benefit these neighborhoods.
Tax Exempt and Taxable Industrial Revenue Bonds (IRB)
IRBs are issued by the EDA, subject to the approval of bond counsel and, for tax-exempt IRBs, the availability of a state allocation. Typically, IRBs are used for long-term financing of fixed assets of at least $1,000,000 through banks or investment companies.