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EDA finalizing parameters for Bridging Virginia loan program; Port Host grant application submitted
Summary
Staff said a contract with Bridging Virginia is executed and loan parameters and underwriting processes are being finalized for an expected EDA approval on Nov. 18 and launch in December. Staff also reported submission of a Port Host funding application requesting $480,000 for 1117/1121 High Street.
Staff reported to the EDA on Oct. 21 that the city is under contract with Bridging Virginia to administer a small-business loan program. The contract was executed following the September meeting, and staff said Bridging Virginia and city staff have held multiple meetings to craft program parameters and underwriting processes.
Staff said the loan program parameters are being finalized with an anticipated EDA approval at the Nov. 18 meeting and a program launch in December. "We are looking to have those [parameters] ready for your approval on November 18 at your next meeting. And that would be followed by launch of the program December," a staff member said.
Staff also updated the board on a Port Host (Virginia Department of Housing and Community Development) application that the EDA approved for submittal in September. The application requests $480,000 for work at 1117/1121 High Street; staff said the state extended the application deadline and the city expects a decision in late December or early January.
No funding awards or final approvals were reported at the Oct. 21 meeting; staff said they would return with program documents and a formal request for EDA action in November.
