Small Business

Capital Access Program

The Virginia Beach Small Business Capital Access Program, a collaborative effort between the Virginia Beach Department of Economic Development and LISC Hampton Roads, offers $400,000 in zero-interest loans to qualifying small businesses affected by COVID-19, particularly those in underserved communities like entrepreneurs of color, women- and veteran-owned businesses that often face challenges accessing flexible, affordable capital. The program aims to support the entrepreneurial ecosystem in Virginia Beach and provide a much-needed boost to small businesses in the area. $25,000 of the funds are available for qualifying businesses to apply for.

Business Eligibility Criteria

For-profit small, women- and/or minority-owned businesses (SWaM businesses) licensed in the City of Virginia Beach and in operation since December 2019
Business (with the exception of Sole Proprietorships) must have an active status in the Virginia State Coporation Commission and not be in bankruptcy or delinquent
Must have between 1 and 250 employees (including owner, contract, and 1099 employees)
Suffered a negative economic impact from COVID-19
Owner must be at least 18 years of age

Eligible Use of Funds

Paying rent and utilities
Meeting payroll
Paying outstanding debt to vendors
Upgrading technology infrastructure
Weatherization of outdoor spaces
Other immediate operational costs

Loan terms

Loan amounts range from $15,000 to $25,000
No interest (0%)
Payments will be made for 42 months on a 5-year amortization schedule with no payments for the first 6 months
Balloon payment at the end of the loan

Required Documents

Federal income tax returns: Last 3 years (990s or personal tax returns for each party with over 20% ownership)
Profit & Loss Statement and Balance Sheet: Last 3 years (year-ending) in addition to current year-to-date
Articles of Incorporation, EIN letter, and W9
Biographies on key staff members
Debt schedule; financial projections
Brief narrative describing the need for funding along with the proposed use of funds and how it will support the business