What You Need To Know
COVID-19 Resources & Updates

Norfolk Supply Chain Emergency Grant Funding

May 15, 2020

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.