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…