By: Grayson T. Orsini
In response to the COVID-19 Pandemic, City of Norfolk Economic Development has introduced a business loan product to help business impacted by inventory and supply chain disruptions and are in danger of ceasing business operations. Successful applicants are able to receive $10,000.00 to $35,000.00 in funding.
In order to qualify a business must show that it is a business that exports internationally and domestically, and have experienced a significant decline in working capital.
To do this, a business must show proof of a significant decline in sales. Norfolk has requested the following documentation:
- Financials, including:
- 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
Businesses are encouraged to apply at https://capitalaccessprogram.smapply.co/prog/city_of_norfolk_economic_disaster_assistance_loan_/.
To see if you qualify, or if you need help putting together an application, feel free to contact any of the business attorneys at Wolcott Rivers Gates.