Norfolk’s Third Round of Capital Access Program (CAP) Grant Recipients Announced
$295,000 to be awarded to thirteen small businesses
NORFOLK, VA – The Norfolk Department of Economic Development completed the third round of its Capital Access Program. The program provides four grants and one loan of various monetary amounts which are aligned to different business stages and come from different funding partners. The Department received more than thirty applications and is looking forward to continuing the program with its fourth round of applications that started on January 1st, 2020.
On this round, thirteen businesses were awarded a total of $295,000. Amongst the awards was the Department’s first successful revolving loan applicant, G5 Enterprises, LLC, who was awarded a loan of $50,000. G5 Enterprises is a minority, woman owned small general construction and management firm, specializing in general contracting, design build, bid build, renovations and repairs, and is located at 258 Granby Street.
The purpose of this loan is to assist in capital needs as it relates to awarded municipal contracts. The Revolving Loan Fund (RFL) was created in order to be awarded to businesses which cannot obtain capital through traditional mainstream sources. The RFL provides non-traditional and unique loan terms that can be crafted for individual business needs.
The Norfolk Economic Development Authority also approved two EDA Micro Grant of $10,000 to:
- Reclaim Construction & Design, a real estate firm, located at 1312 Modoc Ave &
- Smartmouth Brewing Co., a local brewery, located at 1308 Raleigh Ave.
Furthermore, Norfolk Economic Development awarded five Micro Grants, a program funded by the Community Development Block Grant (CDBG) of the U.S. Department of Housing and Urban Development (HUD) and topped at $10,000, to:
- 3DXtremes, LLC, provides powerful and streamlined prototyping and manufacturing services to inventors and organizations and is located at 501B Boush Street.
- Emblem Olive Oil LLC, a non-GMO infused olive oil company, located at 5121 E. Virginia Beach Blvd.
- Siren Skate Shop, a skateboard, roller-skates, scooters, and BMX bikes store, located at 8430 Tidewater Dr.
- Cookie’s Cakes & More, a local bakery located at 725 East Little Creek Rd. &
- Elite Culinary Staffing LLC, a culinary recruiting, training, and consulting firm located at 2500 Church Street.
Lastly, the Reimbursable Grant, which is funded by CDBG and goes up to $35,000, was awarded to:
- TST Fabrications LLC, a sheet metal fabrication business located at 1074 W 35th Street.
- Sunset Family Dentistry, a local family dentistry located at 1021 Sunset Dr.
- Caribbean Spice Inc., a soul food restaurant located at 5956 E. Virginia Beach Blvd.
- Neon House Inc., a hospitality and event venue located at 819 Granby St &
- SVT Robotics, an automation and robotics software company located at 730 W 20th St.
This round of CAP was the most successful so far and a prosperous addition to the program as a whole, closing out the first year of the program with $590,000 awarded to 28 businesses. Norfolk Economic Development Department is currently on its fourth round of applications which will end on January 31st, 2020, at 11:59 P.M.
About the City of Norfolk Economic Development Department
Our mission is to generate wealth for the City of Norfolk through business expansion, enhancement, and new business development complementary to our neighborhoods.
About the Norfolk Economic Development Authority
The mission of the Economic Development Authority (EDA) is to create jobs, maximize the utilization of Norfolk’s real estate, foster business capital investment, increase revenue by growing the tax base, focus on efforts to build on the strengths and the needs of neighborhoods, and support minority and small businesses.