The Economic Development Authority of Newport News, Virginia has introduced a Startup Grant Program in Newport News, aimed at supporting the creation and growth of micro-businesses in the city’s Southeast Community. Known as the Micro-Enterprise Grant Program, it provides grants ranging from $500 to $3,500 to businesses with five or fewer employees. The grants are awarded on a first-come, first-served basis, with eligibility dependent on factors such as the business being for-profit, located within a specific geographic area, having a Newport News business license, and the business owner being current on all local taxes or fees. They also offer supplemental funds not exceeding $1,500, 18 months after the initial grant, provided the recipient has met all the grant’s requirements.

Introduction

The Economic Development Authority of Newport News, Virginia recognizes that the establishment and development of micro-businesses are essential to a diverse and successful economy. The Micro-Enterprise Grant Program has been established as a pilot program for the City’s Southeast Community to assist in the creation and growth of viable micro-businesses in the City of Newport News. The objective is to support individuals in the creation, expansion, or maintenance of their micro-enterprise business.

Definition of Micro Enterprise

For the purpose of this grant, Micro Enterprise is defined as a business entity with five (5) or fewer employees or persons that plan to create such an entity. Employees include the owner, part-time, and full-time employees. Not-for-profit businesses, organizations, and entities are not eligible for this program.

Grant Details

This grant is a one-time, monetary award given to a micro-business and shall not exceed $3,500. The minimum grant award is $500. The grants will be committed and funded on a first-come, first-served basis based upon availability of funds, compliance with program guidelines, and submission of a complete application and supporting documentation.

Eligibility

A business owner/business may qualify for consideration provided it meets all of the following:
– Must be a for-profit Micro Enterprise Business.
– The business or business owner must be located or locating within the defined geographic area.
– The business owners must be low to moderate income or the business must be located in a low to moderate-income area at the time of application. If the business is not located in a low to moderate-income area, you must complete the Income Verification Form for each business owner.
– The business must have a City of Newport News Business License.
– The business and business owner(s) must be current on all local taxes or fees
– The business owner must submit an acceptable business plan
– The business owner must complete pre-approved counseling sessions or workshops.

Supplemental Funds

Eighteen (18) months following the award of the Micro Enterprise Grant and if the recipient has successfully fulfilled the requirements of the grant, businesses may apply for supplemental funds under the Micro Enterprise Grant Program. Funds will be available in an amount not to exceed $1,500. For more information, see the attached Micro Enterprise Grant Program Guidelines Addendum: Supplemental Funds.

Detailed Program Information

– Micro Enterprise Grant Program Guidelines (PDF)
– Micro Enterprise Grant Program Guidelines Addendum – Supplemental Funds (PDF)
– Micro Enterprise Grant Application (link)
– How to Determine if a Business is Located in a Low to Moderate Income (LMI) Area (PDF)
– How to Determine if I am a Low to Moderate Income (LMI) Individual (PDF)

If you have any questions regarding the guidelines, application process or need assistance completing the application, contact Priscilla Green with the Department of Development at (757) 509-2587.

Question & Answer

What is the objective of the Micro-Enterprise Grant Program in Newport News?

The objective of the Micro-Enterprise Grant Program is to support individuals in the creation, expansion, or maintenance of their micro-enterprise business in the City of Newport News.

What is the definition of a Micro Enterprise for this grant program?

For the purpose of this grant, a Micro Enterprise is defined as a business entity with five or fewer employees, including the owner, part-time, and full-time employees.

What is the maximum grant amount that can be awarded under the Micro-Enterprise Grant Program?

The maximum grant amount that can be awarded under the Micro-Enterprise Grant Program is $3,500, with a minimum grant award of $500.

What are some of the eligibility requirements for businesses to qualify for consideration under this grant program?

Some of the eligibility requirements include being a for-profit Micro Enterprise Business, having a City of Newport News Business License, being located within a specific geographic area, being low to moderate income, and being current on all local taxes or fees.

Are there any opportunities for businesses to receive supplemental funds under this program?

Yes, businesses may apply for supplemental funds not exceeding $1,500, 18 months after the initial grant, provided they have met all the grant’s requirements.