The City of Hampton has announced a new initiative aimed at expanding access to capital and fostering economic growth for businesses across the Virginia Peninsula. The announcement was made by U.S. Senator Mark Warner, alongside civic leaders and founding partners, at Gethsemane Baptist Church in Newport News. The initiative, known as the Peninsula Cooperative Fund (PCF), is a $50 million loan fund intended to support small and midsize businesses, especially in distressed and underserved areas of Hampton and Newport News.
The PCF aims to address long-standing gaps in capital access within the region. It focuses on locally rooted businesses across sectors such as defense, healthcare, food systems, advanced manufacturing, technology, and aerospace. The fund is supported by City First Bank and led by Greater Peninsula C.A.R.E.S. Foundation. It combines flexible financing with technical assistance and strategic matchmaking to enhance the local business ecosystem.
Mayor Jimmy Gray emphasized that the initiative is about more than just providing capital: “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.”
City Manager Mary Bunting highlighted Hampton’s commitment to supporting its business community: “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.”
Leonard Sledge, Hampton’s Economic Development Director, described the fund as transformative for local economic development: “This fund represents a transformative approach to local economic development.”
The launch of PCF addresses data showing that Hampton and Newport News are “CDFI deserts,” with lower per-capita investment from mission-driven lenders compared to national benchmarks. The fund seeks to attract new investment and create generational wealth in communities most in need.
For more information on the Peninsula Cooperative Fund, visit http://hampton.gov/DocumentCenter/View/50085
