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Welcome to the Capital Access Program (CAP)!

The Application Portal for 2024 Q1 will open on February 26th.

 

*Please note: ALL Applicants are now required to attend at least one mandatory workshop in order to apply. Please see the workshop schedule with 10 dates for available workshops.

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.”

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.

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: 
    • – Supplies
      – Equipment
      – Inventory
      – Furniture
      – Training
      – Professional Services
  • Ineligible Purchases:
    • – Payroll/Salaries
      – Rent
      – Insurance
      – Real Estate
      – Interior and Exterior Buildouts or Renovations
      – Operating Licenses
      – Permitting and Fees
      – Utilities

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: 
    • – Supplies
      – Equipment
      – Inventory
      – Furniture
      – Training
      – Professional Services
  • Ineligible Purchases:
    • – Payroll/Salaries
      – Rent
      – Insurance
      – Real Estate
      – Interior and Exterior Buildouts or Renovations
      – Operating Licenses
      – Permitting and Fees
      – Utilities

Round 1, 2024 CAP Grant Program Applications

  • The Application Portal is scheduled to open on February 26th at 9:00am and close March 17th at 11:59 pm.
  • Check back for additional details.

Timeline

CAP IS BACK! February 26th through March 17th, the application portal will be open.

Please review the general information below for applicant requirements and workshops. 

The Application Portal for 2024 Q1 will open on February 26th.

*Please note: ALL Applicants are now required to attend at least one mandatory workshop in order to apply. Please see the workshop schedule with ten dates for available workshops.

General Program Information

For Questions or General Inquiries