Virginia awards over $690,000 to boost local economies and revitalize historic commercial districts across the Commonwealth
Virginia – Governor Glenn Youngkin announced a significant investment of over $690,000 in grants aimed at revitalizing Virginia’s historic commercial districts and bolstering small businesses across the Commonwealth. This financial support, distributed through the Virginia Main Street (VMS) and Community Business Launch (CBL) programs, will fund 16 diverse projects, emphasizing the growth and vitality of local economies.
Revitalizing Historic Downtowns and Supporting Small Businesses
“Downtowns and small businesses are the heart and soul of so many communities across the Commonwealth, and my administration recognizes the importance of supporting strong entrepreneurial ecosystems in our downtown districts,” Governor Youngkin remarked. His administration’s commitment shines through this substantial investment, aimed at nurturing the business landscape and preserving the cultural heritage of Virginia’s historic downtowns.
The grants, managed by the Virginia Department of Housing and Community Development (DHCD), are specifically designed to foster small business creation and expansion as well as rejuvenate historic downtown areas and Virginia Main Street districts. By channeling funds into these critical areas, the state not only promotes economic growth but also ensures that Virginia remains a welcoming environment for business initiatives.
Secretary of Commerce and Trade Caren Merrick highlighted the strategic nature of these grants: “These grant programs allow us to provide targeted assistance to address community-identified challenges facing Virginia’s small businesses, downtowns, and historic commercial districts.” She further noted that these investments are pivotal for supporting local economies and creating opportunities that respect and maintain the unique character of Virginia’s communities.
Empowering Entrepreneurs and Communities
The CBL projects are particularly innovative, as they offer training to entrepreneurs and small business owners on essential business planning techniques. This initiative culminates in a competition where finalists pitch their business ideas to a panel of judges. The winners not only receive grant funding but also gain access to supportive services from the community, helping to launch and propel their ventures.
In addition, the VMS program provides two types of grants: Downtown Investment Grants (DIG) and Community Vitality Grants (CVG). The DIGs are available to support Virginia Main Street communities to fund comprehensive projects, seed new initiatives, or bridge funding gaps. On the other hand, CVGs support all active Main Street communities in their efforts to achieve revitalization goals, emphasizing the holistic development of these areas.
Bryan Horn, Director of the Virginia Department of Housing and Community Development, explained the impact of these programs: “Through the VMS and CBL programs, we are able to make targeted and strategic investments in these communities, creating the best possible catalyst for revitalization and economic growth.” He also mentioned that the funded projects are expected to leverage an additional $558,000 in public and private investments, multiplying the effect of the state’s initial funding.
Detailed Overview of Funded Projects
The VMS Downtown Investment Grants were awarded to several impactful projects across the state:
- Cape Charles and Fredericksburg will each receive $75,000 for community-enhancing projects like “Meet Me in the Plaza” and “Holidays in Fredericksburg.”
- Harrisonburg Downtown Renaissance and the City of Winchester are also recipients of $75,000 each for initiatives that include an “Innovation Hub Outdoor Living Room” and a “Main Street Sculpture Trail.”
Community Vitality Grants will support projects like wayfinding implementations in Clarksville and Clifton Forge and the Virginia Street Arts Festival in Waynesboro, each funded at $15,000.
Meanwhile, the Community Business Launch grants will provide significant support to burgeoning business initiatives in Lynchburg, Hillsville, and Mount Jackson, with grants ranging from $50,000 to $100,000.
This sweeping financial initiative underscores Virginia’s commitment to fostering an environment where commerce and community can flourish together. For those interested in learning more about the specifics of these programs or applying for future grants, resources are available at the DHCD’s official websites for both the Virginia Main Street and Community Business Launch programs.
