Virginia awards $5.4 million in grants to boost local economies and revitalize downtown areas
Richmond, Virginia – Governor Glenn Youngkin has announced $5.4 million in grant funding to support 30 community development projects across Virginia. These grants are designed to breathe new life into historic downtown areas, convert empty buildings into useful spaces, encourage small business growth, and fuel long-term economic progress in local communities.
“These community grants enable Virginia to deliver targeted support for local economic development priorities,” said Secretary of Commerce and Trade Juan Pablo Segura. “The investments will foster local revitalization efforts, offer innovative solutions, drive economic development, and build stronger communities across the Commonwealth.”
The new funding is projected to help launch or grow 19 businesses, create 142 new jobs, and bring in more than $17.6 million in private and public investment across the state. Governor Youngkin emphasized the importance of working with business and local leaders to make this happen, saying, “We are thrilled to partner with business and community leaders to launch projects that will create jobs and strengthen these historic downtowns.” He added, “I look forward to seeing these projects create opportunity and prosperity for the Virginia communities that make our state the best place to live, work, raise a family, and do business.”
Of the total awards, over $4.5 million will be distributed through the Industrial Revitalization Fund (IRF) to support eight projects focused on redeveloping deteriorated or unused industrial and commercial properties. These IRF-supported projects aim to turn neglected buildings into functioning parts of local economies again, helping attract both investment and foot traffic into older commercial districts.
In addition, $570,000 has been awarded through the Virginia Main Street (VMS) program to help 17 different communities develop downtown revitalization strategies. Since 1985, VMS has supported localities in preserving historic charm while adapting to modern economic needs.
Finally, $325,000 will be used to fund five Community Business Launch (CBL) initiatives, which encourage entrepreneurship and help fill empty storefronts. This program plays a vital role in turning vacant retail spaces into vibrant business hubs, helping communities reinvent themselves and attract new visitors and residents.
All of these programs are managed by the Virginia Department of Housing and Community Development (DHCD), which plays a leading role in facilitating partnerships between government, business owners, and communities to improve downtown areas and strengthen local economies.
With this wave of investment, Virginia continues to demonstrate its commitment to transforming underused spaces into economic drivers that benefit both current residents and future generations.
