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Portsmouth EDA launches small-business revolving loan fund to support local firms
Summary
The Portsmouth EDA described a Small Business Revolving Loan Fund capitalized with $250,000 and $100,000 for administration, with 10 referrals to date and underwriting underway for two applicants; loans over $25,000 require Capital Access Committee review and amounts above $50,000 need EDA approval.
The Economic Development Authority described a new small-business revolving loan fund intended to widen access to financing for Portsmouth-based businesses, with a particular emphasis on minority- and women-owned firms.
Mitchell said the Portsmouth EDA Small Business Revolving Loan Fund is a joint initiative with Bridging Virginia and that the EDA allocated $250,000 to capitalize the program along with $100,000 for administrative services. He reported the EDA has referred 10 small businesses to the program and that two are currently in underwriting.
Mitchell said the program includes review thresholds: loans above $25,000 are subject to the Capital Access Committee and loans exceeding $50,000 require EDA approval. Council members noted the program’s focus on minority and women businesses and urged support for contractors who face long payment cycles that hinder cash flow.
Mayor Glover and others noted prior local small-business efforts that helped entrepreneurs scale to brick‑and‑mortar operations and framed the new fund as a continuation of city support for local business growth.
