Community Business Launch

The Industrial Revitalization Fund (IRF) leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties.

The program is targeted toward vacant industrial structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located. Eligible properties shall include those formerly used for manufacturing, warehousing, mining, transportation and power production, as well as large-scale white elephant structures, such as department stores, theaters, hotels and shopping centers. Structures whose original intended use was solely residential are not eligible.

Remnants of past economic vibrancy and local economies in transition, these structures are no longer suited for their former purpose, and in their current deteriorated condition, stand as a significant deterrent for future economic opportunity in the surrounding area and region. The maximum level of funding is $500,000.

The Virginia Community Development Block Grant (CDBG) program provides funding to eligible units of local government for planning and implementing projects that address critical community development needs, including housing, infrastructure and economic development. The goal of the CDBG Program is to improve the economic and physical environment in Virginia’s communities through activities which primarily benefit low- and moderate-income persons, prevent or eliminate slums and blighting conditions or meet urgent needs which threaten the welfare of citizens.

Building Entrepreneurial Economies  is the next evolution of Virginia’s commitment to micro-entrepreneurship. Formerly known as Virginia Enterprise Initiative (VEI), BEE is taking a more local approach to developing stronger businesses that help build stronger communities.

BEE provides grants and technical assistance to regional and local micro-enterprise development organizations (MDOs) that specialize in assisting non-traditional entrepreneurs. This assistance includes pre-concept counseling, business plan development, credit repair and counseling, credit access and continuing technical assistance. To deliver these services, the MDOs also partner with banks, area businesses, educational institutions, each other and/or other private and public entities within the community. These organizations provide a service that often is not otherwise available and are designed to support the entrepreneur, even after accessing capital. VEI seeks to engage MDOs that provide innovative processes to attract and assist micro-entrepreneurs.