HAMPTON ROADS, Va. (WAVY) — A new program aims to pave the way toward money and support services for entrepreneurs in specific sections of Portsmouth, Norfolk, Newport News and Hampton.
Retail Catalyst is a partnership among Retail Alliance, ABNB Federal Credit Union, NuMarket, the Hampton Roads Small Business Development Center and other key collaborators.
ABNB has created a pool of $500,000 of loan money for qualifying existing and prospective small business owners, with individual loans up to $35,000. Other partners will provide coaching, education and support services.
In Portsmouth, Retail Catalyst has targeted the High Street Corridor.
“I think it’s going to be transformational,” said Michelle Wren, executive director of Portsmouth Partnership.
“We’re looking for startups,” said Retail Catalyst project manager Tara Jones. “We’re looking for individuals, existing business owners who are trying to expand in place or looking for a second location.”
Some potential locations for startups include an old soda shop in the 700 block of High Street, and the former Cafe Europa closer to the river in the 300 block.
Kylie Ross Sibert, vice president of marketing and communications for Retail Alliance, said synergy is the key.
“We’re all working together to really try and identify some good opportunities for retailers to move into the real estate along High Street,” she said.
Old Town has charm, history and several existing shops, bars and restaurants along High Street. The partners in the Retail Catalyst project say the tunnel tolls don’t have to handcuff small business development.
“We have free parking,” Wren said. “If you come over here and you’re not paying for parking, that usually offsets the tolls.”
Support services will help concepts rise to become companies.
“Education will be provided through our certificate and retail operations (CROPS) program. It’s a 14-week program,” Jones said.
But the loan program is the key to paving a path for concepts to become companies.
“One of the barriers of entry is that capital,” Wren said. “Small businesses have a hard time accessing capital.”