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2022 Economic Development Week

Capital Access Program (CAP)

 

The City of Norfolk established the Capital Access Program (CAP) with the goal of filling a financing gap in the marketplace for entrepreneurs to either start or expand their business. CAP provides alternative and affordable financing made available through the City of Norfolk for new, existing, and expanding businesses.  These funds are reserved for businesses that lack access to traditional financing sources and/or require “gap financing.”

In the past year, CAP helped 52 businesses to acquire financing for their day-to-day operations, totaling in over $1 million of funding in grant and loan products. Sarah Cowherd, owner of Vessel Craft coffee, one of the businesses that were awarded last year, said: “We are honored to have been awarded grants through the Capital Access Program. These grants have helped us continue with our mission and look toward expansion. We will be opening a flagship location in West Ghent/Chelsea in May of 2022.”

Vessel Craft Coffee is a Norfolk based social entrepreneurship initiative focused on bringing ethically sourced coffee to our local community. They source coffee from farms around the world that pay fair wages, practice sustainable farming methods, and provide humane working conditions.

On Sunday, May 15th, at 11:59 PM will be the last day for Norfolk based businesses to apply for this round of CAP, which will only be focused on loans. Subscribe to our newsletter and follow us on Facebook and LinkedIn to know when the next round will begin and to be in the know for future projects!

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