Portsmouth EDA selects Bridging Virginia to administer small-business capital program
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Summary
The Economic Development Authority voted to move forward with Bridging Virginia as the preferred administrator for a small-business capital program after reviewing three proposals; staff said the recommended vendor proposed a $100,000 annual administrative fee and a multi-year contract option.
The Portsmouth Economic Development Authority on Aug. 18 approved moving forward with Bridging Virginia as the preferred administrator for the authority’s small-business capital program.
Staff said the authority issued an RFP in November and closed it in December, receiving three proposals: AGH Advisory Services, Bridging Virginia, and Fund First Inc. An evaluation panel that included EDA staff and two commissioners interviewed all three respondents and ranked Bridging Virginia as the most qualified and responsive.
Staff described the recommended contract as a one-year commitment with four optional one-year renewals (a five-year potential term). The proposal includes an annual administrative fee of $100,000; staff said the authority has budgeted $125,000 for program administration in the current budget.
Vote and procedure The authority voted to accept staff’s recommendation and move ahead with contract execution and program launch work. The motion carried; staff reported the item was approved by a vote of 4 to 0.
Why it matters EDA members said the program addresses long-standing concerns about access to capital for local small businesses and provides an administrative partner to manage underwriting, disbursement and ongoing program compliance. Staff said next steps include negotiating contract details and preparing launch materials and outreach to the business community.
Quote "This is something we've been discussing for some time — the program will provide capacity and an administrator to get capital into local businesses," a staff presenter told the authority during the Aug. 18 meeting.
Ending Staff said contract negotiations and finalization will proceed, with additional program details and a launch timeline to be presented to the authority in the coming weeks.
