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Portsmouth EDA approves Bridging Virginia small‑business loan fund to launch in December
Summary
The EDA unanimously approved a Bridging Virginia–administered loan fund aimed at second‑ and third‑stage Portsmouth businesses; loans will range roughly $10,000–$50,000 with rates starting about 2% below WSJ Prime and monthly portfolio reporting to staff.
The Portsmouth Development Authority voted unanimously on Nov. 18 to launch a small‑business loan program administered by Bridging Virginia, a newly certified CDFI that will provide term loans and technical assistance to Portsmouth businesses.
Bridging Virginia’s president and CEO, Leanne Fremel, told the board the program will focus on second‑ and third‑stage businesses with loan sizes targeted at $10,000–$50,000 (the organization’s portfolio average is about $37,500). Rates for the program will start roughly 2 percentage points below the Wall Street Journal Prime rate on the day of underwriting, with available underwriting discounts for borrowers who…
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