New Kent EDA offering $5,000 business loans to cope with COVID-19

New Kent’s Economic Development Authority (EDA) is repurposing $50,000 of its appropriated budget to provide loans to local businesses.

The EDA is establishing a loan recovery program to assist with businesses that did not receive funds from the state or federal government despite funds being allocated for those purposes. According to New Kent EDA representative Matthew Starr, the program will allow a small business to apply for a loan up to $5,000 maximum. The loan would have to be repaid for within two years, with a deferral period of up to six months.

Loans are available only to New Kent County businesses who are current on all fees (including taxes) and have a valid business license and certificate of zoning. The business must be in compliance with reporting business property with the Commissioner of the Revenue.

Loans may be used for working capital by demonstrating loss of revenue resulting from the COVID-19 pandemic, such as payroll or essential business obligations (such as rent payment, utilities, or inventory).

An application must be completed between June 1-July 31. Applications are available at www.yesnewkent.com or picking up hard copies at New Kent County’s Visitor Center. Applications are to be mailed to New Kent County’s EDA, 7324 Vineyards Parkway, New Kent, VA 23124, ATTN: EDA COVID-19 Loan Program. For more information, contact the county’s EDA or New Kent Director of Economic Development Matthew Smolnik at mjsmolnik@newkent-va.us.