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The City of Newport News has secured funds from a CARES Act Recovery Assistance Grant to capitalize and administer a new Revolving Loan Fund (RLF) for businesses adversely impacted by COVID-19.
To assist small businesses during the COVID-19 Pandemic using the RLF, the Cities of Newport News and Hampton have worked together to create the Peninsula Cares Act Fund (PCAF).
PCAF will provide direct loans with flexible rates and terms, to coronavirus-impacted small, for-profit, businesses located in either Newport News or Hampton.
- The PCAF is NOT a grant or forgivable loan
- Loan amounts: $7,500 – $375,000
- Eligible uses of funds include:
- acquisition of machinery and equipment
- working capital (including inventory)
- facility remediation
- …and more
- Interest Rates: Generally 0%-2%
- Terms: Up to ten (10) years