Early-stage Low-Moderate-Income business owners with documented revenue can apply for a Micro-Grant of $5,000. Businesses looking to create a job with documented hiring experience are eligible for a reimbursable grant of $35,000.
Application Dates: April 4, 2022, through April 17, 2022.
Who can apply to the Capital Access Program?
• Serving low to moderate income individuals
• For-profit Sole Proprietorships, General Partnerships, Limited Partnerships (LP), Limited Liability Partnerships (LLP), Corporations (Inc., Corp.), Limited Liability Companies (LLC)
• Franchises
• Home-based businesses
• Nonprofits are ineligible
What products are currently available?
1. Micro Grant:
• Funding Source: CDBG
• Grant Amount: $5,000
• Years in Business: Up to four (4) years from business formation date
• Stage of Business: No less than six months of documented revenues
• Business owner is low-to-moderate income (LMI) at time of submission
• Employee Count: Must have no more than 5 employees
• Allowable Purchases include but are not limited to: operating licenses, permitting and fees, inventory, materials, equipment, marketing and advertising
• Ineligible Purchases: Real estate-based transactions to include interior and exterior build out or renovations. Payroll and/or salaries.
2. Reimbursable Grant:
• Funding Source: CDBG
• Grant Amount: $35,000
• Years in Business: Four (4) through (10) years from business formation date
• Stage of Business: Minimum of 3 years of documented sales
• Business must hire 1 full-time LMI Norfolk resident
• Employee Count: Must have no more than 50 employees
• Business must have documented hiring experience
• Allowable Purchases include but are not limited to: marketing and advertising, inventory, materials, utilities, equipment, training, professional fees, supplies, etc.
• Ineligible Purchases: Real estate-based transactions to include interior and exterior build out or renovations. Payroll and/or salaries.
For more information, CLICK HERE to visit the CAP Resource webpage.
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