All loan applications submitted for the Peninsula Cares Act Fund (PCAF) consideration will be evaluated based on the following principles and how the project benefits the local Hampton/Newport News economy.
- How was your business negatively affected by COVID-19?
- Will it stabilize and support the business/applicant?
- Does it support innovation or increase productivity?
- Does it result in the retention and/or creation of new jobs?
- Will it enhance an existing or emerging industry cluster?
- Is there the creation of taxable assets?
To obtain details regarding eligibility and use of funds, refer to the program guidelines.
Loan rates and terms
The fund makes fixed interest loans generally between 0% and 2% (only applicable until all funds have been disbursed or June 30, 2022, whichever occurs first). The maximum term is ten (10) years for fixed asset loans and four (4) years for working capital loans. The fund was capitalized by a grant from the U.S. Economic Development Administration and, therefore, financing is not available to companies relocating an existing business from one jurisdiction to another. However, companies expanding to Newport News or Hampton from another location are eligible. The Peninsula Industrial Finance Corporation (PIFC), the approving entity, at its discretion, may defer payment of principal and interest for a period not to exceed twelve (12) months, however interest, if applicable, will still accrue.
How to Apply
If you are a small business located in Newport News, please visit http://apps.nnva.gov/development/pcaf_cares_rlf.aspx to complete their application online.
If you have any questions regarding the guidelines, application process, or need assistance completing the application, please contact:
Hampton: Dan Girouard with the Department of Economic Development at (757) 727-6237 or firstname.lastname@example.org.
Newport News: Priscilla Green with the Department of Development at (757) 509-2587 or email@example.com.