Virginia Economic Revitalization Grants: Governor Northam Announces $4.4 Million Funding

Governor Ralph Northam has announced over $4.4 million in Virginia economic revitalization grants for 33 investment projects across the Commonwealth. The projects, administered by the Virginia Department of Housing and Community Development, will support business development, economic recovery, and the redevelopment of industrial and commercial structures. The grants include the Industrial Revitalization Fund, Community Business Launch grants, and the Virginia Statewide Business District Resurgence Grant. These funds will be used for a variety of projects, including the renovation of a 1930s building into retail and office space in Newport News, the expansion of the Bloom co-working and incubator space in Portsmouth, and business support services for small, woman-, minority- and immigrant-owned businesses in the Historic Triangle area. The aim is to create job growth, support entrepreneurial ecosystems, and provide aid to communities most affected by the pandemic.

Introduction

RICHMOND—Governor Ralph Northam today announced that local business owners and community organizations will benefit from more than $4.4 million in grants for 33 investment projects across the Commonwealth.

Project Details

These projects will create and support business development, economic recovery, and the redevelopment of industrial and commercial structures.

“This is about renovating old buildings, investing in neighborhoods, and launching new businesses,” said Governor Northam. “These projects will greatly benefit Virginia’s local economies and business owners.”

The Virginia Department of Housing and Community Development administers these important programs, as well as some American Rescue Plan funds.

The Industrial Revitalization Fund leverages local and private resources to redevelop deteriorated structures. This creates more long-term employment opportunities and supports infrastructure and economic revitalization.

Community Business Launch grants help prepare businesses for success. Entrepreneurs can receive training and help with developing business plans.

The Virginia Statewide Business District Resurgence Grant supports historically economically disadvantaged communities and business districts that have been disproportionately impacted by the pandemic.

“This funding will expand job growth, nurture entrepreneurial ecosystems, and provide support to communities most affected by the pandemic,” said Secretary of Commerce and Trade Brian Ball. “Supporting this funding means supporting the Commonwealth’s small businesses and an economic future that works for all Virginians.”

2022 Hampton Roads Fund Awardees

2510 Jefferson Avenue | $250,000

City of Newport News

The city of Newport News will renovate a 1930-building into retail and office space. The Newport News Economic Development Authority acquired this property in June 2020. Since the acquisition, the city has created the Critical Community Improvements Plan, which outlines the plan for the 2510 Jefferson Avenue building. The project is expected to create and/or support 11 full-time positions.

757 Makerspace – Peninsula Expansion | $100,000

Economic Development Authority of the City of Hampton | City of Hampton

A spin-off of the successful 757 Makerspace in Norfolk, this project creates access to the same resources North of the James and expands access to these resources closer to innovators affiliated with NASA, Langley AFB, Newport News Shipbuilding, VIMS, Hampton University, William & Mary, and all of their suppliers. This project will be executed in partnership with Hampton Public Schools’ vocational/technical programs, including BIPOC students and their families. Through the StartWheel online platform, they will promote entrepreneurial activities and early-stage startup businesses in the area.

Expansion of Bloom Co-Working Space and Incubator | $100,000

Partnership Development Foundation | City of Portsmouth

The Partnership Development Foundation will support the expansion of the Bloom co-working and incubator space in Portsmouth, which will provide local startups and micro-companies targeted resources and educational programming to grow into successful businesses. Bloom is currently providing subsidized space and services for small-business owners to help them recover and pivot as necessary. This space will target Portsmouth small businesses and veterans, minorities, persons with a disability, and women. This incubation and co-working space seeks to increase the availability of co-working space, increase the revenue of associated businesses and individuals, and increase job creation.

Childcare Business Support in the Historic Triangle | $100,000

Inner Peace Coalition Inc. | City of Williamsburg and County of James City

Inner Peace Coalition Inc., in partnership with James City County Department of Social Services, will provide business support services to small, woman-, minority- and immigrant-owned businesses in the Historic Triangle area, with an emphasis on businesses providing child care services. Inner Peace Coalition Inc. plans to conduct outreach, training and ongoing mentorship to new and existing business owners. The organization will train at least 150 entrepreneurs and create at least two new businesses.

Southeast Commercial District Business Assistance | $86,000

Newport News Economic Development Authority | City of Newport News

The Newport News Economic Development Authority (NNEDA) will support existing small business growth and entrepreneurship in the southeast commercial district, a historically underserved and disadvantaged area of Newport News. In partnership with the Women’s Empowerment Development, NNEDA plans to offer hands-on technical and financial assistance to small businesses in the community as well as distributed commercial locations within the broader Southeast Community.

Southeast Community Commercial District Strategic Action Plan | $50,000

City of Newport News

Womens Empowerment Development Inc., (WED), in partnership with the city of Newport News Economic Development Authority (NNEDA), will develop a strategic action plan for the Southeast Community in the historic Jefferson Avenue and Chestnut Avenue commercial districts. WED will conduct an assessment of potential gaps and opportunities to support the business ecosystem and to provide an inclusive framework for community-driven, comprehensive revitalization and vitality, entrepreneurship readiness, and start-up SWaM business support services.

B-Force Accelerator | $50,000

Black Brand | City of Portsmouth

Black Brand will expand capacity of the existing microenterprise assistance, B-Force Accelerator program. This expansion will provide technical assistance and training workshops to early stage minority business owners to increase their ability to access capital, scale up, increase revenue, decrease expenses, and develop a professional network.

A full listing of grant recipients can be viewed here.

Question & Answer

What types of grants were announced by Governor Ralph Northam?

Governor Ralph Northam announced over $4.4 million in Virginia economic revitalization grants for 33 investment projects across the Commonwealth. The grants include the Industrial Revitalization Fund, Community Business Launch grants, and the Virginia Statewide Business District Resurgence Grant.

What are the aims of these grants?

The aim of these grants is to support business development, economic recovery, and the redevelopment of industrial and commercial structures. The funds will be used for various projects, including job growth, supporting entrepreneurial ecosystems, and aiding communities most affected by the pandemic.

What are some examples of the projects that will benefit from these grants?

Examples of projects that will benefit from these grants include the renovation of a 1930s building into retail and office space in Newport News, the expansion of the Bloom co-working and incubator space in Portsmouth, and business support services for small, woman-, minority- and immigrant-owned businesses in the Historic Triangle area.