The Norfolk Economic Development Authority (EDA) has announced plans to establish a new Norfolk Startup Grant Program, aimed at supporting local small businesses impacted by COVID-19. The program, which is set to be formally approved in an upcoming EDA meeting, will have a fund of $2 million to distribute. It will prioritize for-profit and nonprofit businesses physically located in Norfolk, with special consideration for woman and minority-owned businesses. The grants, designed to offset business interruption costs due to mandated closures, will be distributed based on a three-tier structure determined by the number of employees. Nonprofits stand to receive up to $15,000, with four funding rounds scheduled from August to November. The final features of the program may be modified upon final approval by the EDA board of directors.
Introduction
The Norfolk Economic Development Authority (EDA) announced that they have won approval to establish another small business grant program. Formal approval by the EDA board of directors is expected to take place during their August 5thmeeting and the fund will have $2 million to distribute.
Features of the Grant Program
The proposed grant program will include the following features:
- For-profit and nonprofits physically located in Norfolk
- Priority for woman and minority owned businesses
- Applicants must have proof that they were operational prior to the COVID crisis and that they had negative impacts from COVID closures
- Proceeds are meant to reimburse businesses for the costs of business interruption caused by required closures
- There will be a 3-tier grant structure, based on the number of employees, as follows:
- 0-5 employees $ 5,000
- 6-24 employees $15,000
- 25 + employees $25,000
- Nonprofits will be eligible for up to $15,000
- There will be 4 funding rounds (monthly) for August, September, October, and November
Final Approval
It should be noted that the final approval by the EDA BOD may modify some of these proposed features.
Additional Information
More info can be found here
Question & Answer
What is the Norfolk Startup Grant Program?
The Norfolk Startup Grant Program is a new initiative by the Norfolk Economic Development Authority (EDA) aimed at supporting local small businesses impacted by COVID-19.
How much funding will be available for the Norfolk Startup Grant Program?
The program will have a fund of $2 million to distribute to eligible businesses in Norfolk.
What businesses are eligible for the Norfolk Startup Grant Program?
The program will prioritize for-profit and nonprofit businesses physically located in Norfolk, with special consideration for woman and minority-owned businesses.
How will the grants be distributed in the Norfolk Startup Grant Program?
The grants will be distributed based on a three-tier structure determined by the number of employees, with nonprofits eligible for up to $15,000. There will be four funding rounds scheduled from August to November.
