The cities of Hampton and Newport News opened a new low-interest loan program for COVID-affected businesses on Thursday. Known as the Peninsula Cares Act Fund, it will lend a total of $1.5 million in amounts ranging from $7,500 to $375,000.
Eligible businesses can use the funds for purchase and installation of machinery and equipment, building rehabilitation costs, refinancing of certain existing loans, facility remediation and cleanup, gap financing, infrastructure, marketing, working capital and other costs contributing to the value of a project’s fixed assets.
