You are here: Home Development Resources Directory Urban Development Action Grant Loan Program (NNUDAG)
Document Actions

Urban Development Action Grant Loan Program (NNUDAG)

The Newport News Urban Development Action Grant Loan Program.


The Newport News Urban Development Action Grant Loan Program will lend up to $250,000 to finance new fixed asset investment located in Newport News.  Loans are made to businesses that create a significant number of jobs available to low and moderate income persons or that otherwise benefit the City's low and moderate income population.  The actual loan amount is determined (subject to the availability of funds and the approval of the Board of the Newport News Redevelopment and Housing Authority), through job creation and the amount of private sector match.  Up to $30,000 of the loan amount is available for each new job created ($35,000 per job in Newport News' Enterprise Zone).  The loan amount must be matched by at least $2 of private sector funding for every $1 of the loan amount.  Private funding sources may be from equity and/or traditional lending institutions.

While real estate costs are eligible, the City prefers to fund machinery or equipment, since Federal Davis-Bacon requirements apply to any construction activity.  Up to 20% of the loan proceeds can be used for working capital.

The Fund makes fixed interest loans at an interest rate of 4% to 7%, depending upon ability to pay.  The typical term for equipment loans is five years, with a maximum of seven years.  The typical term for real estate loans is ten years, with a maximum of fifteen years.

Guidelines

Application

The Guidelines and Application listed above are available for download in PDF format.  If you do not have a PDF viewer (such as Adobe Acrabat Reader) installed on your computer, you may download it here.

Contact: Tricia Wilson 
              Business Development Specialist (757-926-3793)

For more information about any of our low-interest loan programs, please use this form.


Translate this Site
One City Marathon

Newport News One City Marathon coming March 15, 2015

Connect with Us
Contact Development
Department of Development
City of Newport News
2400 Washington Ave., 3rd Fl.
Newport News, Virginia 23607
Phone:  (757) 926-8428
Toll Free: 1-800-274-8348
(1-800-A-Site-4U)
Fax: (757) 926-3504
Marketing: (757) 597-2840
Mktg. Fax: (757) 597-2845
Seafood Industrial Park (757) 247-8437
Online Contacts: Contact Development Form (Email is not mandatory to use this form.)
 

Powered by Plone CMS, the Open Source Content Management System

This site conforms to the following standards: