Norfolk Inc.

Peter Chapman
July 1 marks the beginning of Norfolk's fiscal year. It also marks the launch of four new programs to boost the city's economy. So get in line - now. 

The $2 million set aside from Norfolk's $1.2 billion budget will be an investment “in our neighborhoods and small businesses,” according to the city manager's budget message.

“None are grant programs,” said Norfolk spokeswoman Lori Crouch. “They're all either debt or equity programs.”

Chuck Rigney
“The local economic development authority will be the conduit for all except the Grow Norfolk Fund. City staff will conduct due diligence and risk mitigation,” Crouch said.

The NationalDevelopment Council will administer the Grow Norfolk Fund and city staff will conduct due diligence and risk mitigation, Crouch said.


Citywide Partnership Fund: This fund will serve as a general program to provide working capital to small, expanding businesses. It will also provide gap financing for brick-and-mortar projects, including those providing housing, retail, and commercial space. In FY 2016, $250,000 in Community Development Block Grant funds will serve as the initial investment.

Grow Norfolk Fund: The Grow Norfolk Fund will serve small, women and minority-owned businesses (SWAM) and will be created in partnership with, and administered by, the National Development Council (NDC). An initial investment of $250,000 in CDBG funds will be matched 3:1 by the NDC, bringing the total program to $1.0 million. These funds will primarily be used for business expansion.

Global Initiatives Fund: This program will be capitalized with $250,000 in Federal Economic Development Administration (EDA) grant funds and focus on assisting small and mid-sized firms to begin or expand export activities. Through this fund, the City of Norfolk will become the first locality in the Commonwealth of Virginia to offer such a program. The Global Initiatives Fund, coupled with the City of Norfolk’s recent designation as an Export-Import Bank City/States Partnership Program participant, will enable the Department of Development to become the central point in the region, with respect to global commerce.

Norfolk Innovation Fund: This venture capital fund will be started with $250,000 in CDBG funds and $250,000 in Federal EDA grant funds for a total initial investment of $500,000. This fund will focus primarily on providing financing for firms in the fields of technology, sustainability and resiliency, healthcare and life sciences, and will also help bolster several initiatives on entrepreneurship.

For more information, contact the following individuals.

Peter Chapman
Deputy City Manager/Executive Director of the Economic Development Authority

Chuck Rigney, Director of Development
757-664-4763 | chuck.rigney@norfolk.gov
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