Norfolk offers business loan to help offset coronavirus impacts

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Photo Courtesy: City of Norfolk

NORFOLK, Va. (WAVY) — Norfolk is looking to help local businesses as the effects of the coronavirus loom.

The Norfolk Business Loan through the Norfolk Department of Economic Development helps offset foreign supply chain disruptions.

The loan will first be available March 23.

The Department of Economic Development currently provides several “products” to help local businesses with financial support.

Businesses that export goods domestically or internationally and have seen a “significant decline” in revenue or working capital are encouraged to apply for the new Norfolk Business Loan.

“The City of Norfolk values its businesses and realizes the importance of possible COVID-19 impacts on our area,” said Mayor Kenneth C. Alexander “We are a center of global trade and commerce and are being vigilant in our efforts.”

The loan amounts will range from $10,000 to $35,000 and is funded by the Federal Economic Development Administration.

For more information, please contact the Norfolk Department of Economic Development at 757-664-4338.


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