Resources
Sources of Funding:
Capital Source
Capital Source provides an alternative funding source for capital needs to eligible applicants throughout Virginia. The company offers term loans, lines of credit, contract financing, commercial mortgages and business advisory services.
Contact Info:
Timothy S. Hayes, Executive Director
1624 Hull Street Richmond, Virginia 23224
Phone: 804-233-2014
Fax: 804-233-2158
The Center For Community Development, Inc.
The Center for Community Development administers the SBA Microloan Program to start-up, newly established, or growing small business concerns. Business training and technical assistance is also provided. The maximum loan is $35,000. All credit decisions are made at the local level.
Contact Info:
Bruce AsBerry, Chief Operating Officer
or Monique Harrell
440 High Street, Suite 204 Portsmouth, VA 23704
Phone: 757-399-0925
Fax: 757-399-2642
Tidewater Business Financing Corporation (TBFC)
TBFC is a non-profit corporation certified by the U.S. Small Business Administration to provide permanent financing for commercial and industrial projects through the SBA 504 Loan program. TBFC assists growing businesses in expanding, renovation or relocating in the Tidewater area by offering long-term fixed rate loans at market interest to finance the purchase of real estate, machinery and heavy equipment. The maximum amount TBFC can loan is $1,300,000 and the minimum is $50,000. A commercial lender selected by the borrower provides 50% of the project cost at a conventional rate and term. TBFC provides financing for up to 40% of the total cost of the project.
Contact Info:
R. Patrick Gomez, Director
500 E. Main Street, Ste. 1226 Norfolk, Virginia 23510
Phone: 757-623-2691
Fax: 757-623-0660
U.S. Small Business Administration (SBA)
The SBA provides financial assistance in the form of loan guarantees, rather than direct loans. The SBA does not provide grants to start or expand a business. SBA offers several basic types of business loans: SBA 7(a) Loan Guarantee, SBAExpress, Community Express, Certified Development Company Loans/504 Program and CAPLine.
Contact Info:
L.A. “Andy” Keller, Jr., Loan Specialist
Richmond District Office Federal Building,
Suite 1150 400 N. 8th Street
P.O. Box 10126 Richmond, VA 23240-0126
Phone: 804-771-2400, Ext. 143
Fax: 804-771-2580
Virginia Small Business Financing Authority (VSBFA)
The Virginia Small Business Financing Authority is a statewide issuer of industrial development bonds and the conduit through which the Department of Business Assistance provides financial assistance to Virginia's businesses. VSBFA offers several types of financing: Industrial Development Bond Program Loan Guaranty Program Economic Development Loan Fund Small Business Environmental Compliance Assistance Fund Child Day Care Financing Program Virginia Capital Access Program (VCAP) Virginia Community Reinvestment Program New Markets Tax Credits Program
Contact Info:
Scott E. Parsons, Executive Director
P.O. Box 446 Richmond, Virginia 23218-0446
Phone: 866-248-8814
Fax: 804-225-3384
Business Association Links:
Olde Towne Business Association
Midtown Portsmouth Association
Hampton Roads Chamber of Commerce
National Association of Women Business Owners (NAWBO)
Links to Government, Regional and Workforce Resources:
Government:
Commonwealth of Virginia
Virginia Economic Development Partnership
Virginia Department of Business Assistance
Virginia Department of Taxation
Virginia Department of Transportation
Virginia Port Authority
Regional
Hampton Roads Economic Development Alliance
Hampton Roads Planning District Commission
Hampton Roads Technology Council
Virginia’s Center for Innovative Technology
Workforce
Goodwill Employment Center
Virginia Employment Commission
Opportunity Inc.
EXISTING BUSINESS PROGRAM
We’re committed to the retention and expansion of enterprises within the City of Portsmouth — office, industrial, retail, hospitality and others.
If you own a business, The Existing Business Program is your program.
Guide to Establishing a Business in Portsmouth (Interactive CD)
A comprehensive resource for anyone interested in starting a new business in the Portsmouth. The "who, what, where, and how much" - equivalent to having a 63,000-page reference manual at your fingertips. For more information or to get a FREE copy of the CD call (757) 393-8804.