The city of Norfolk, Virginia has introduced a new loan program for businesses in the area that have seen their revenue reduced by the coronavirus and foreign supply chain disruptions.
Starting in late March, the city’s Department of Economic Development will begin accepting applications from businesses that need extra support as the coronavirus continues to take its toll on local and national economies.
“The city of Norfolk values its businesses and realizes the importance of possible COVID-19 impacts on our area,” Mayor Kenneth C. Alexander said in a statement.
The new loan program is designed to offset foreign supply chain disruptions to existing businesses in the city. For example, a local business that typically sells notebooks and office supplies might find it impossible to replenish inventory if the goods they get from other countries are unavailable. Businesses in Norfolk that get goods domestically or internationally and have seen a significant decline in revenues since the start of the coronavirus outbreak are encouraged to apply.
Funding amounts could range between $10,000 and $35,000 and are provided by the Federal Economic Development Administration.
Loan decisions will be made by the city’s Economic Development Authority. According to the city, the loan program is subject to change in the coming months as local officials decide how to best boost the local economy.
“We are a center of global trade and commerce and are being vigilant in our efforts,” the mayor said of the new program.
For more information visit the Norfolk Department of Economic Development.