Notes to SEFA
The amounts shown as current year expenditures represent only the federal portion of the actual program costs. Actual program costs, including the Organization's portion, may be more than shown.
During 1980, the City of Newport News was awarded a Title IX Grant from USEDA, of which $700,000 was designated to be used to create a Revolving Loan Fund to be administered by PIFC. The loan fund was named the Peninsula Revolving Loan Fund (PLRF) and was to be used to finance new assets and operations for businesses located in Hampton and Newport News, Virginia. In 1983, local interest subside grants were made in connection with a restructure of the loan portfolio as required by USEDA, resulting in the net capitalization amount of $535,956. There is no matching requirement associated with this grant. During the year ending December 31, 2021, PIFC was awarded a $1,500,000 Economic Adjustment Assistance grant from EDA for the purpose of capitalizing and administering a Revolving Loan Fund known as the Peninsula Cares Act Fund (PCAF). This Fund will assist businesses located within the cities of Newport News and Hampton, Virginia to alleviate sudden and severe economic dislocation caused by COVID-19, to provide permanent resources to support economic resiliency, and to further the long-term economic adjustment objectives of the region. There is no matching requirement associated with this grant.