Portsmouth EDA outlines small business loan program targeting January launch

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.