By Tim Ryan
Norfolk’s innovative Capital Access Program (CAP) is back for 2024, poised to bridge financial gaps for entrepreneurs and business owners looking to start or expand their ventures. This dynamic initiative offers a range of grants designed to cater to the specific needs of both new and established businesses in the City of Norfolk.
About CAP
The primary goal of CAP is to provide alternative, affordable financing options to businesses that may not have access to traditional financial resources. Whether you’re a budding entrepreneur or an established business owner, CAP has the tools to help you thrive.
CAP Products
- Microgrant: Up to $7,500 for businesses less than three years old with up to five employees. Perfect for covering costs like supplies, equipment, inventory, and professional services.
- Micro Enterprise Grant (New Tier): $10,000 aimed at providing additional support.
- Reimbursable Grant: A substantial $35,000 for businesses operating between three to ten years, requiring at least two years of documented revenues and fewer than 50 employees. These funds support essential purchases excluding payroll, rent, and utilities.
CAP Workshops
Attendance at a mandatory workshop is required to apply. Workshops are designed to guide applicants through the process, ensuring their applications stand out. Various dates and locations are available to accommodate busy schedules, including virtual sessions.
The 2024 Capital Access Program is a game-changer for Norfolk’s entrepreneurial community. Don’t miss the opportunity to elevate your business with the support and resources CAP provides. Visit norfolkdevelopment.com for more details and workshop registration.
You can download the CAP 2024 workshop schedule here.
You can download a CAP flyer here.
