The Norfolk Revolving Loan Fund offers startup funding opportunities with two main products: a Microloan of up to $25,000 and a traditional Revolving Loan of up to $50,000. These loans, available to various business types including franchises and home-based businesses (excluding nonprofits), offer low interest rates and deferred payback terms. The Microloan requires a business to have at least two years of documented sales/revenue and no more than 250 employees, while the traditional Revolving Loan prefers businesses with three or more years of operation. These loans can be used for various business expenses, such as inventory, equipment, and working capital. The application round runs from March 1, 2022, through March 13, 2022.

The Norfolk Revolving Loan Fund

The Norfolk Revolving Loan Fund is back with two signature products. Business owners can apply for the new streamlined Microloan up to $25,000 or the traditional Revolving Loan up to $50,000. These products offer deferred payback terms and interest rates as low as 0%. This application round is open from March 1, 2022 through March 13, 2022.

Who can apply to the Capital Access Program?

  • For-profit Sole Proprietorships, General Partnerships, Limited Partnerships (LP), Limited Liability Partnerships (LLP), Corporations (Inc., Corp.), Limited Liability Companies (LLC)
  • Franchises
  • Home-based businesses
  • Nonprofits are ineligible

Loan Products:

Micro Loan: $25,000 or Less Streamlined Product

    • Amount: $5,000 – $25,000
    • Years in Business: Must have been in existence for at least 2 years WITH documented sales/revenue
    • Must have no more than 250 employees
    • 0% interest rate and deferred payments up to 6 months
    • How the money can be used: included but not limited to inventory, materials, equipment, general business operating expenses, and working capital

Traditional Norfolk Revolving Loan Fund:

    • Amount: $25,001 – $50,000
    • Years in Business: Preferably 3 or more years of business operation WITH documented sales/revenue
    • Must have no more than 250 employees
    • Flexible payment terms are available
    • How the money can be used: included but not limited to inventory, materials, equipment, working capital, debt refinancing, real estate, etc.

More details can be found here.

Question & Answer

What are the loan products offered by the Norfolk Revolving Loan Fund?

The Norfolk Revolving Loan Fund offers a Microloan of up to $25,000 and a traditional Revolving Loan of up to $50,000.

Who is eligible to apply for the loans from the Norfolk Revolving Loan Fund?

For-profit Sole Proprietorships, General Partnerships, Limited Partnerships, Limited Liability Partnerships, Corporations, Limited Liability Companies, Franchises, and Home-based businesses are eligible to apply. Nonprofits are ineligible.

What are the requirements for the Microloan?

The Microloan requires a business to have at least two years of documented sales/revenue and no more than 250 employees. It offers an interest rate as low as 0% and deferred payback terms.

What are the requirements for the traditional Revolving Loan?

The traditional Revolving Loan prefers businesses with three or more years of operation, documented sales/revenue, and no more than 250 employees. It offers flexible payment terms and can be used for various business expenses.