~ Funding to support regional economic development initiatives ~
The Virginia Department of Housing and Community Development (DHCD) announced today $2,872,931 in Growth and Opportunity for Virginia (GO Virginia) funding for 13 regional projects. The GO Virginia Board, which includes key members of the Governor’s cabinet, the General Assembly and the business community, reviewed and approved the 13 grant requests.
These grants will add capacity to support existing companies in targeted industry sectors, implement innovative workforce development models, and develop networks of services to scale startup and second stage companies in the technology sector. The grant awards will leverage an additional $7,732,043 in non-state resources to assist with economic diversification throughout Virginia.
“Regional collaboration is vital to growing our economy,” said Secretary of Commerce and Trade Brian Ball. “The projects funded through this round of GO Virginia will continue to support unique regional strategies, strengthen our entrepreneurial ecosystems, build a strong workforce, and encourage innovation throughout the Commonwealth. We look forward to seeing these projects come to fruition.”
The GO Virginia grants will be used to implement projects that align with each region’s Growth and Diversification Plan. These locally developed plans identify priority industry sectors and strategies based on each region’s assets. Initiatives that advance strategies developed through the planning process are key in strengthening each region’s economy and creating better career opportunities for Virginians.
"GO Virginia has created an incredible opportunity for regions to think creatively around their future economies and move the building blocks in place to get there,” said Tom Farrell, GO Virginia board chair.
“We congratulate these applicants for their work and commitment to the goals of the program—strengthening regional economies and helping businesses to create good jobs to support Virginia families.” Since program inception in 2017, GO Virginia has funded 87 projects and awarded approximately $30.3 million to support regional economic development efforts.