Thank you for expressing your interest in the Expand 757 Small Business Loan Program. The intake portal is currently closed. We appreciate the substantial volume of intakes received and want to assure you that our team is diligently reviewing submissions received. LISC Hampton Roads will announce when the intake portal will reopen.
Expand 757
Small Business Loan Program
Expand 757 provides 0% interest, $0 fee loan financing and coaching services to small businesses in the Hampton Roads region. The purpose of this loan program is to help small businesses in the Hampton Roads community expand, create jobs and build wealth.
LISC Hampton Roads is offering 0% interest, no-fee loans to small businesses. All repayments are recycled back into the Hampton Roads region creating a sustainable investment tool. The Hampton Roads Small Business Development Center (SBDC) will provide one-on-one coaching to loan recipients in support of their loan request and usage of funds.
This is a rolling intake and will remain open until all funds have been expended.
One-on-One Coaching
The Hampton Roads SBDC provides free coaching services to businesses interested in requesting loan financing. The Hampton Roads SBDC will be available to assist applicants with updating their financial documents and business plan in support of their request for financing. After receiving loan funding, business can also receive free assistance in various business areas including, but not limited to, marketing and business branding, recordkeeping and cash flow management, strategic planning, employee recruitment, management and retention.
If you need assistance please reach out to the Hampton Roads SBDC at (757) 664 - 2592.
Business Eligibility Criteria
- Geography: located in Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, Williamsburg, and the counties of Gloucester, Isle of Wight, James City, Mathews, Southampton, Surry, and York.
- Longevity: Businesses that have continuously operated for the past 2 years, and prioritize those with at least 5 years of operation.
- Employees: 2 or more employees (sole proprietors and non-profit organizations are ineligible).
- Profitability: Businesses that have a yearly gross revenue between $50,000 - $1,000,000 based on tax return (2019, 2020, or 2021).
- Credit Score: There is no minimum credit score required.
Loan Terms
- Amount: $10,000 -$50,000
- Interest: 0%
- Repayment: Amortization with balloon
- Term: 3 years
- Amortization: 5 years
- Period of no payment: 6 months
- Collateral: No collateral required (unsecured loans)
Loan Usages
- Equipment and supplies
- Rent/Mortgage
- Utilities
- Payroll
- Inventory
- Marketing
- Refinancing existing debt
- Leasehold improvements/renovations
Required Financial Documentation
- Profit/loss Statements: 2019, 2020, 2021, and interim 2022
- Balance Sheets: 2019, 2020, 2021, and interim 2022
- Business Tax Returns: 2019, 2020, and 2021
- Growth projections: 2023 and 2024
- Current Business Debt Schedule
Required Business Documentation
- Current business plan
- Incorporation documents to include bylaws
- Local business license
- VSCC Good Standing Certificate
Expand 757 Small Business Loan Webinar
Intake Information
Thank you for expressing your interest in the Expand 757 Small Business Loan Program. The application portal is currently closed. We appreciate the substantial volume of applications received and want to assure you that our team is diligently reviewing submissions received. LISC Hampton Roads will announce when the application portal will reopen.
This program is funded by the Virginia Department of Housing and Community Development.
Program Sponsor
Virginia Department of Housing and Community Development (DHCD)
Privacy
Information provided through the application process is the responsibility of each applicant. Applications submitted to the portal remain confidential to the general public and any fellow applicants. Applicants will not hold LISC, its affiliates, members, partners, and staff liable for any losses, damages, costs, or expenses, of any kind relating to the use or the adequacy, accuracy, or completeness of any information loaded in the form. See LISC's Privacy Policy for more details.
About LISC Hampton Roads
We are the Hampton Roads office of Local Initiatives Support Corporation (LISC), a national nonprofit that provides financing and support for community development around the country. As one of 38 local offices, LISC Hampton Roads works with local government, community development corporations and other nonprofits to revitalize neighborhoods and catalyze opportunity.
LISC is one of the country's largest social enterprises supporting projects and programs to revitalize underserved communities and bring greater economic opportunity to residents. We invest in affordable housing, quality schools, safer streets, growing businesses and programs that connect people with financial opportunity. In response to the pandemic, we are delivering resources and expertise to support communities, businesses and people. Learn more here.