Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Small Business Support topic
No spam. Unsubscribe anytime.
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 cover Bridging Virginia’s administrative fees for marketing, application processing and program design. Drake said Bridging Virginia received the capital transfer on March 4.
Drake told the board two applications are in pre-underwriting and could reach underwriting imminently; capital review by the designated capital access committee is tentatively scheduled for May 7 (with the possibility of an earlier review on April 2 if underwriting completes). Under program rules presented to the board, loans over $25,000 are subject to capital-access-committee review and loans exceeding $50,000 will require explicit EDA approval.
Staff described an active outreach effort: Bridging Virginia’s launch email reached 1,892 contacts and the program has held information sessions and workshops (17 attendees at the January 28 session and roughly 17 more at a March session). Drake said the organization provides hand-holding to help prospective borrowers through underwriting, and Bridging Virginia maintains access to additional funds for requests that exceed the EDA’s capital allocation.
Board members asked about the $100,000 administrative fee; Drake clarified that the $100,000 covers the life of the program (Jan. 1, 2026–Dec. 31, 2027) and will be paid on a quarterly schedule (about $25,000 per quarter). Drake said Bridging Virginia’s marketing and outreach materials are live and that staff will continue funneling interested businesses to the partner organization for application assistance.
Next steps: staff will continue underwriting support and bring any loan requests requiring EDA approval to the board; the capital access committee will convene as scheduled to review larger loans.
