HAMPTON, Va. (WAVY) – A $50 million loan fund was announced Friday by Sen. Mark Warner, along with civic leaders and founding partners, in efforts to support small and midsize businesses in distressed and underserved areas of Hampton and Newport News.

The loan fund, which is known as a Peninsula Cooperative Fund (PCF), is designed to close access gaps in the region by focusing on scalable businesses across critical sectors like defense, healthcare, food systems, advanced manufacturing, technology, and aerospace.

“What we’re announcing here today isn’t just about capital. It’s about closing the long-standing gaps, empowering local entrepreneurs, and creating economic opportunities for the future of our community,” said Hampton Mayor Jimmy Gray.

“For too long, too many small and mid-sized businesses, particularly those owned by people of color or women or long-time local families, have been locked out of the management tools that they need for scale and growth.”

Recent data has shown Hampton and Newport News to be “CDFI deserts,” which indicate that it qualifies as an investment area. In addition, these cities have a significantly lower per-capita investment from mission-driven lenders compared to national benchmarks.

“We know that healthy, resilient communities require healthy, resilient businesses. Hampton is committed to working alongside our regional and federal partners to ensure our businesses — especially those in historically underserved communities — have the tools they need to succeed. The Peninsula Cooperative Fund delivers exactly that,” said Hampton City Manager Mary Bunting.

Visit the link here to learn more about the PCF.