Citizen Portal
Sign In

Portsmouth EDA outlines small business loan program targeting January launch

Portsmouth Economic Development Authority · December 18, 2025

Get AI-powered insights, summaries, and transcripts

Subscribe
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Staff told the board the new small business loan program is being developed with Bridging Virginia and local partners for a likely mid‑January launch, and said marketing, a press release and workshops will precede application availability.

Staff updated the Economic Development Authority on the small business loan program the board approved at an earlier meeting and said program buildout is underway with partners including Bridging Virginia, the Portsmouth Partnership, PQhub and the Hampton Roads Small Business Development Center.

Staff said the program’s website and application portal are being prepared and that they are coordinating a press release this month followed by marketing and virtual and in‑person workshops in January. The target for broad availability and application acceptance was stated as mid‑January; staff said partners have expressed strong interest and work continues to finalize program materials and outreach.

Commissioners noted the program responds to previously raised concerns from small business owners about access to capital; staff identified marketing grants and technical assistance the authority offers (development grants around $2,000 and acceleration grants up to $5,000) as complementary supports businesses can use for marketing services or technical help.