Welcome to the Capital Access Program (CAP)!

 

The Application Portal for Q2 CAP Grants is now closed! Continue visiting this page for updates.

What is the Capital Access Program?

The City of Norfolk established the Capital Access Program (CAP) with the goal of filling a financial 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 resources and/or require “gap financing.”

Who is the Capital Access Program for?

Eligibility Requirements for the Microgrant

    • Do I fall under low-to-moderate income (LMI) – What does that mean?
    • Is my business located in the City of Norfolk?
    • Am I up to date on all City taxes?
    • Has it been less than three years from my business’s formation date?
    • Do I have at least one year of documented revenues?
    • Do I have less than 5 employees?

Eligibility Requirements for the Reimbursable Grant

    • Is my business located in the City of Norfolk?
    • Am I up to date on all City taxes?
    • Have I been in business from a minimum of 3 and a maximum of 10 years?
    • Do I have at least 2 years of documented revenues?
    • Do I have less than 50 employees?
    • Is my business located in the City of Norfolk?
    • Am I up to date on all City taxes?
    • DISCLAIMER: Reimbursable Grant recipients are required to hire one-(1) full-time LMI Norfolk resident (No existing employees, no interns, no part-time staff can be used to meet this requirement).

If you answered “No” to any of these questions, please check out our resource partners at the bottom of the page for more information about assistance for your business!

 

Important Reminders:

  • Items purchased before or after the contract agreement is executed are ineligible grant expenditures. The City will not reimburse the business for these expenses.
  • Entities that are ineligible to apply for the CAP grant program include: Not-for-profit, faith-based organizations, political organizations, adult bookstores, adult video shops, other adult entertainment facilities, gambling facilities, blood or plasma donor centers and pawn shops.
  • Business owners who are employees of the City of Norfolk, elected or appointed officials or officers of the City of Norfolk, employees or board members of the City of Norfolk Economic Development Authority are not eligible to apply to the Program.

2023 CAP Products

Microgrant

  • Grant amount: $7,500
  • Years in Business: Up to three (3) years from business formation date
  • Stage of Business: No less than one year of documented revenues
  • Business owner must be low-to-moderate income (LMI) at time of submission
  • Employee Count: Must have no more than 5 employees (including business owners)
  • 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 and other recurring costs such as: payroll and/or salaries, rent, utilities, insurance, etc.

Reimbursable Grant

  • Grant Amount: $35,000
  • Years in Business: Three (3) through (10) years from business formation date
  • Stage of Business: Minimum of 2 (two) years of documented revenues
  • 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: 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 and other reccurring costs such as: payroll and/or salaries, rent, utilities, insurance, etc.

How can I apply?

2023 Q2 CAP Grant Program Applications

  • The Application Portal is scheduled to open June 26th at 5:00 pm and close July 9th at 11:59 pm.
  • Complete the following steps to prepare to apply:
    1. Watch the CAP Workshop video (shown above) and download the CAP Workshop Completion Certificate.
    2. Review the Required Documents Checklist and begin collecting electronic copies of the required documents.
    3. Check this website periodically for the application link.

FAQs and Resource Partners

Check out our Entrepreneurial Ecosystem Partners for further assistance.

Frequently Asked Questions

Timeline

The application portal is now closed!

 

General Program Information

 

For Questions or General Inquiries