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Portsmouth EDA commits $350,000 to small-business loan program with Bridging Virginia
Summary
The EDA entered a memorandum with Bridging Virginia to operate a $350,000 small-business loan program (effective Jan. 26, 2026): $250,000 will capitalize loans and $100,000 covers administrative fees; two applications are in pre-underwriting and loans above $50,000 will require EDA approval.
The Portsmouth Economic Development Authority on March 17 reviewed progress on a newly launched small-business loan program run in partnership with Bridging Virginia, approving the funding structure and outlining governance for loan reviews.
Phyllis Drake, presenting the program update, said the EDA executed a memorandum of agreement with Bridging Virginia effective Jan. 26, 2026 (program term Jan. 1, 2026–Dec. 31, 2027). The EDA’s commitment totals $350,000: $250,000 will be used to capitalize loans to Portsmouth-based businesses, and $100,000 will…
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