City of Norfolk Economic Disaster Assistance Loan
DUE TO AN OVERWHELMING AMOUNT OF APPLICATIONS, THE NORFOLK ECONOMIC DISASTER ASSISTANCE LOAN PORTAL IS NOW CLOSED. NORFOLK IS SEEKING ADDITIONAL FEDERAL FUNDING IN A EFFORT TO REACTIVE THE PROGRAM.
NORFOLK INTRODUCES A BUSINESS LOAN PRODUCT FOR COVID-19 INTERRUPTIONS
The City of Norfolk Department of Economic Development introduces a loan product to offset foreign supply chain disruptions to existing businesses in the City of Norfolk. This Loan product is a solution for companies that are being impacted by inventory and foreign supply chain disruptions and are in jeopardy of ceasing business operations.
Eligible Businesses include:
- Norfolk businesses who export goods domestically and have experienced a significant decline in revenues or working capital.
- Norfolk businesses who export internationally and have experienced a significant decline in revenues or working capital.
- Companies will need to show proof of a significant decline in sales from prior periods.
- 2019 Profit & Loss Statement (Illustrated annually and monthly)
- Current year to date profit and loss statement
- Complete copy, including all schedules, of the most recent personal and business (if applicable), Federal income tax return for each principal owning 20% percent or more
- Business Debt Schedule
- Personal Financial Statement of each principal owning 20% or more
- Other Information may be requested
*Please note Incomplete Applications will not be considered*
For more information, please contact the Norfolk Department of Economic Development at 757-664-4338 and visit our website Norfolkdevelopment.com.