February 3, 2022

Economic Development Unveils New Program to Grow Small Businesses

The new Virginia Beach Small Business Capital Access Program provides $400,000 to qualifying small businesses in the form of zero-interest loans.

The Hive building

The program, the result of a collaborative effort between the Department of Economic Development and the Local Initiatives Support Corporation (LISC) of Hampton Roads, was created to support the entrepreneurial ecosystem of Virginia Beach.

The application process is now open and is currently offering loans of $15,000 to $25,000—with no payments required for the first six months. To be considered, applicants must have been in operation for a minimum of two years and incorporated as a business, hold a current business license in Virginia Beach, and demonstrate an annual net profit between $50,000 and $1 million.

Companies with fewer than 250 employees represent 99% of all businesses in Virginia Beach — so naturally the City wants to deploy resources to support them. Hopefully, making this capital available and offering key resources at The Hive will help small businesses that were hit hard by the pandemic and lack access to flexible, affordable capital which in turn will benefit the community as a whole.

In August 2021, the City of Virginia Beach opened a small business resource center in Virginia Beach's Town Center called "The Hive." Unlike a coworking space, The Hive is designed to help businesses in early stages of development by giving them access to a variety of resources to get them properly established and set them on the path to success. Along with legal, fiscal, marketing, banking, workforce and other resources that are put at their disposal, business classes are also offered by Virginia Wesleyan University and Tidewater Community College.

For eligibility criteria, complete loan terms, and to apply, visit YesVirginiaBeach.com/hive.

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Virginia Beach Economic Development

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