Small Business Events & Outreach
EDA staff continued to market the e-Commerce grant program for website development for small businesses. The initial funding was $15,000 and an additional $25,000 was approved for the program this year. Eight grant requests were approved during this year, committing a total of $24,230 in grant funds.
EDA staff facilitated approval of one loan and funding of two previously approved loans in two other loan fund programs and recognized job creation for the following businesses:
- Funded Newport News Bistro’s $450,000 loan–(Second Street Restaurant) for a re-opening and rebranding of a former restaurant in Kiln Creek area through the Peninsula Revolving Loan Fund.
- Funded Tucanos OP, LLC’s $325,000 loan for a new Brazilian-style restaurant concept located in CCOP area through the Newport News Urban Development Action Grant (NNUDAG) Loan Program, which has already created 95 full-time and part-time jobs.
- A new loan for Superior Packaging Corp. for $200,000 was approved under the NNUDAG loan program.
EDA staff continued business technical assistance and awareness for Newport News citizens by providing speaking support to events held at the Small Business Development Center, to include two general small-business conferences and a conference targeting veterans.
EDA staff participated in several marketing and awareness events such as: the Chamber of Commerce’s Business Safari event, the Office of Human Affairs (OHA) Contractors workshop and the Hampton Roads Messenger-sponsored Think Big Conference.
EDA staff continued to market business assistance/loan programs again this year via individual meetings with bank loan officers on the Peninsula.