NEWPORT NEWS, Va. (WAVY) — The Department of Commerce has awarded $1.5 million in CARES Act Recovery Assistance grant funding to Newport News and Hampton for the benefit of small businesses.
The grant is set up to help the two cities with the economic impacts caused by the pandemic related to small businesses. The funds will also provide resources to help the businesses stabilize, become more resilient, and facilitate long-term planning and adjustments.
The allocated amount will be administered through the Peninsula Industrial Finance Corporation for a special COVID-19 relief revolving loan fund.
“We are pleased to receive this generous award, and look forward to partnering with our colleagues in Hampton to help Peninsula businesses in their recovery efforts,” said Florence Kingston, Director of Development for Newport News.
“We’ve assisted Newport News small businesses with over $1.4 million in COVID-19 relief funds to date, and this additional CARES award will help us extend our reach and make a greater impact.”
The award was through the Department of Commerce’s Economic Development Administration and comes out of the $13.9 million in grants set for continuous revolving loan funds for small businesses across Virginia.
“The additional funds are another way to support our local small businesses,” said Hampton Economic Director Chuck Rigney, who cited Hampton’s early loan/grant program and more recent state program.
“I’m pleased that we can work jointly with Newport News. This is a great example of regional cooperation between our two economic development departments.”
Newport News is among 850 localities and organizations across the country that benefitted from supplemental funding under the $1.5 billion provided to the Economic Development Administration under the CARES Act.
Other Virginia recipients include the Virginia Small Business Financing Authority, Cumberland Plateau Planning District Commission, City of Lynchburg, and City of Norfolk.
- Virginia General Assembly passes bill to make some abortions more affordable
- Foodbank of the Albemarle expands to provide more meals
- Hope instead of hostility: Outlook brighter for area’s immigrant community with new administration
- All border wall construction projects must stop by Wednesday, contractors are told
- Sailor from Hampton Roads says Biden lifting transgender military ban makes ‘us a stronger nation’