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City notifies EDA of notice of award to Bridging Virginia for small-business loan program; contract negotiations underway
Summary
Staff reported that purchasing has issued a notice of award to Bridging Virginia for the city’s small-business loan program; the city is negotiating contract terms and expects to present an agreement for EDA approval in August.
Portsmouth staff told the Economic Development Authority on Tuesday that the city’s small-business loan program has been tentatively awarded to Bridging Virginia and that staff are negotiating a contract to run the program.
The purchasing office issued a notice of award to Bridging Virginia, staff said, and the city attorney’s office will prepare an agreement intended for EDA consideration at the August meeting. Staff did not present a contractual agreement or a formal vote at Tuesday’s meeting.
Why it matters: the small-business loan program has been under development and is intended to provide lending support to local businesses. Staff said the contract negotiations are ongoing and the formal contract will be presented to the EDA for approval once terms are finalized.
What staff said and next steps: staff confirmed the awardee name (Bridging Virginia), said negotiations are in process with the city attorney’s office, and indicated an agreement will be presented for EDA action in August. No funding disbursement or program launch dates were announced at the meeting.
Ending: The EDA received the briefing; staff will return to the board with a final contract and recommended action in August.
