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Virginia Beach authority approves 16 small-business reimbursement grants totaling $136,530, pauses further awards pending review
Summary
The Virginia Beach Development Authority approved 16 EDIP Part F reimbursement grants totaling $136,530 and directed staff to pause additional awards while the application rubric and follow-up requirements are reviewed.
The Virginia Beach Development Authority approved reimbursement grants to 16 small businesses under EDIP Part F amounting to $136,530 and instructed staff to pause additional awards pending evaluation of how recipients use funds and a review of the scoring rubric.
Mr. Cobb, a staff member presenting the program, said the intent “is to get capital access for small businesses in Virginia Beach, particularly those that are women owned, minority owned, veteran, or service-disabled veteran.” The authority’s approval covers 16 applicants the selection committee recommended; the grants are performance reimbursements and recipients must submit verification of eligible spending before payment.
The program…
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