Resources

460 Angels

Funding and coaching of early stage hi-tech entrepreneurs.

Angel Fund

An angel investor (aka “angel”) is an affluent individual or private entity who provides capital for a business start-up and early stage growth, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks – commonly called “angel funds” – to share research and pool their investment capital, as well as to provide advice to their portfolio companies.

Center for Innovative Technology Gap Funds

CIT GAP Funds makes seed-stage equity investments in Virginia-based technology and life science companies.

Ninth District Development Financing

The Ninth District Development Financing provides funding for a diverse set of thriving tourist related businesses including arts, cultural, historical, outdoor adventure, and entertainment venues, Ninth District Development Financing, Inc. meets its objectives to create and retain jobs, promote the region’s historical significance and cultural preservation, and attract tourists while supporting and expanding the tourism economy of the Ninth District.

People Incorporated

People Incorporated of Virginia, one of the Commonwealth of Virginia’s largest and most successful Community Action Agencies. People Incorporated offers over 32 programs designed to, “give people a hand up, not a hand out.” People Incorporated Financial Services offers loans, development services and financial products to small and emerging businesses. People Incorporated Financial Services works to strengthen local economies in 22-jurisdiction service areas including the counties of Bland, Buchanan, Carroll, Dickenson, Floyd, Grayson, Lee, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe and the cities of Bristol, Galax and Norton in Southwest Virginia and the counties of Clarke, Frederick, Page, Shenandoah, and Warren in the Northern Shenandoah Valley.

Virginia Community Capital (VCC) is a Community Development Financial Institution (CDFI) with a mission to create jobs, energize places, and promote an enhanced quality of life for Virginians. With offices in Christiansburg, Richmond, and Norfolk, we offer innovative and flexible financing tools throughout the state. In addition, we provide professional advisory services to individuals and organizations in low-to-moderate income and underserved communities.

Sandy Ratliff is the Community Impact Advisor with Virginia Community Capital providing technical assistance, professional training and access to capital to new and existing businesses through VCC’s New Economy Loan Fund for projects in coal-impacted counties in within Southwest Virginia. Her 27 years’ experience in economic and small business development, make her the go to person for business and community leaders. Contact her at (276) 477-3999 or sratliff@vccva.org

The Virginia Main Street Program is a preservation-based economic and community development program that follows the Main Street Four-Point Approach™ developed by the National Trust Main Street Center. Virginia Main Street offers a range of services and assistance to communities interested in revitalizing their historic commercial districts. While the program was designed to address the need for revitalization and on-going management of smaller to mid-sized downtowns, aspects of the Main Street Approach™ may be applied successfully in other commercial settings.

Virginia DHCD

Virginia Main Street Home Page

The Virginia Enterprise Zone (VEZ) program is a partnership between state and local government that encourages job creation and private investment. VEZ accomplishes this by designating Enterprise Zones throughout the state and providing two grant-based incentives, the Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG), to qualified investors and job creators within those zones, while the locality provides local incentives.

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Getting Started or Expanding a Business

Planning District Commissions (PDC) provide the link between federal and state programs and the local level, where development actually occurs.

Southwest Virginia Planning District Commissions: 

Cumberland Plateau Planning District
LENOWISCO Planning District
Mount Roger PDC
New River Valley Regional Commission

Recognizing that the Coalfield Counties have a unique culture and history, the VA General Assembly created the Heart of Appalachia Tourism Authority in 1993 to tell our authentic story and promote this region as an attractive tourism destination. Focusing on our exciting outdoor adventure and relaxing scenic beauty, Heart of Appalachia promotes the westernmost counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, Wise and the City of Norton.

Entrepreneurial ecosystems describe communities or regions that foster an overall business climate supportive of entrepreneurship. These communities portray a positive, enthusiastic attitude that infuses an entrepreneurial culture; one that asks “how can we help you start and succeed at business?” There are many resources and incentives that communities can offer to new and existing entrepreneurs to build a thriving entrepreneurial ecosystem. Check out a few helpful tools to help strengthen your entrepreneurial ecosystem.

Menu of Incentive Ideas

Launch an Entrepreneur Challenge Toolkit

Community Entrepreneur Package Examples

Main Street America – Entrepreneurial Ecosystems and the Role of Commercial Districts

Virginia Main Street – Creating a Successful “Entrepreneurial Ecosystem”

The focus of Virginia’s Appalachian Regional Commission (ARC) is fostering economic development and improving the quality of life for Appalachian citizens. The ARC provides assistance in the long-term development of a chronically-depressed region, which encompasses 25 counties and eight independent cities in Virginia.

ARC funding is directed to projects that include water and sewer service to communities, workforce training for skilled trades and professionals, regional economic restructuring efforts and heritage and cultural tourism. Other funds seek to build a strong and sustainable asset-based economy, bringing jobs and prosperity to Appalachian communities while preserving their character. Projects which address the leveraging of cultural assets, natural assets, community assets, structural assets and business and economic assets are eligible for funding, as are energy efficiency improvements as a part of an eligible project. The Virginia ARC program may also be available to help with the development of an access road to support the location or expansion of an industry.

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.

An Entrepreneur Challenge is a competitive process for potential and emerging entrepreneurs that provides business training, mentorship, networking opportunities, and an improved level of coordinated resources and community support. The competitions raise awareness of Southwest Virginia entrepreneurial opportunities and typically offer investment grants to top competitors following a pitch event and submission of a business plan.

Since 2012, the Southwest Virginia region has held 36 competitions with over 290 program graduates.

Start your own competition!

Communities across Southwest Virginia are joining the trend and supporting entrepreneurial development by hosting business plan competitions. Through entrepreneur challenges, communities can show their support for small businesses by providing emerging or existing entrepreneurs with training, mentorship, and an improved level of coordinated resources. Coordinating a competition can be accomplished by following a simple process and using the abundant resources available in the region.

Use the My SWVA Opportunity Entrepreneur Challenge Toolkit to host a competition in your community!

Learn more about funding resources available through the Community Business Launch program.

Entrepreneur Competitions in the Regions

2013 Entrepreneur Challenge

As the first regional business plan competition in Southwest Virginia, the 2013 Entrepreneur Challenge was a seven month competition encompassing the Coalfield region of Southwest Virginia to include 7 counties and 1 city. Sponsored by the Virginia Department of Housing and Community Development (DHCD), the program provided over $30,000 in award funds to entrepreneurs in SWVA to start a new business or expand an existing business. The program graduated eleven regional entrepreneurs and consisted of structured business training, business plan development, networking events, mentoring program, and a community incentives program.

Better Business Basics Plus

The Better Business Basics Plus (BBBp) program was developed by the Wytheville-Wythe-Bland Chamber of Commerce in partnership with the Mount Rogers Planning District Commission, Virginia Department of Housing and Community Development and Virginia Tourism Corporation.  The 2015 program consisted of a six week intensive business training course that culminated with a business plan competition in which participants competed for grant money and additional prizes worth over $5,000.

Believe in Bristol

Floyd County

Launch Something in Pulaski

Launch something Pulaski is a downtown economic revitalization project aimed at supporting new business formation and expansion in the downtown business district and beyond. Through a highly competitive and rigorous process, Launch Something Pulaski awards investment grants and in-kind prize packages to new businesses.

Mount Rogers Business Challenge

The Blue Ridge Crossroads Small Business Development Center, the Blue Ridge Crossroads Economic Development Authority, and Grayson County partnered in 2015 to offer entrepreneurial contest.

Norton Business Challenge

The Norton Business Challenge was a competitive process for new entrepreneurial ventures and existing businesses looking to expand with additional job creation in Norton City Limits.

Opportunity Cup

Modeled after the 2013 My Southwest Virginia Opportunity Entrepreneur Challenge, the Opportunity Cup was a level II entrepreneur challenge for existing businesses looking to expand with additional job creation in Southwest Virginia. Given the number of new local competitions since 2013, the Cup accepted businesses in Southwest Virginia who graduated from qualifying regional business challenges in Planning District Commissions 1, 2 and 3.

People Inc Competitions

People Incorporated is a non-profit Community Action Agency and Community Development Corporation committed to providing opportunities for people to reach their goals in order to enhance their lives, families, and communities. People Incorporated develops programs and strategies that are designed to move people and communities into the economic mainstream. In 2014, People Incorporated coordinated four regional business plan competitions in the Coalfields of Southwest Virginia.

Marion “Pop up” Entrepreneur Boot Camp

Marion’s Community and Economic Development Department offers a  five -week class designed for new business owners and entrepreneurs who are looking to start their own business and have a basic understanding of developing a business plan, or have previously completed one of our “Boot Camps” and are still interested in starting a business.   The intense pace of this class takes four(4) weeks to explore in-depth four of the major concepts of small business success presented by local experts in each of the three topics. On the final night of class, individuals who are interested in the grant opportunities will present their plans to be eligible for up to $5,000 in grant monies to assist with starting your own business!

Smyth County

The Chamber of Commerce of Smyth County offers an eight-week boot camp for entrepreneurs who have an idea to open a business in Smyth County or who are expanding their current operations.

Startup Wythe In

Downtown Wytheville, Inc. and the Joint Industrial Development Authority of Wythe County are partner to offer the Startup Wythe In – Business Idea Competition. Startup Wythe In is designed to encourage and develop an entrepreneurial spirit by mentoring participants through business plan development for innovative business ideas.  Startup Wythe In empowers participants to establish new business ventures and create local jobs.

Washington County Business Challenge

The Washington County Business Challenge is a competitive completion for start-up and existing businesses looking to expand with additional job creation in Washington County, Virginia, Town of Abingdon, Town of Glade Spring or Town of Damascus.

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.

The Community Business Launch (CBL) is designed to assist communities in taking a systems approach to defining and pursuing an asset-based small business development strategy. The program starts with a community’s unique vision for its future and then uses a local business competition to find and foster the entrepreneurs that connect with that vision. CBL will provide the tools to effectively prepare multiple entrepreneurs to operate successful businesses in a downtown or neighborhood commercial district and allow them to compete for funding to start up their new endeavor.

While only a limited number of entrepreneurs may win the business competitions, CBL will give rise to many budding entrepreneurs that have been prepared, through the CBL initiative, to be successful businesses. In addition, it will help communities begin to develop a coordinated, comprehensive sustainable environment that identifies, launches and supports community-based entrepreneurs and small business at all levels of development.

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.

Building Collaborative Communities is designed to assist regions in creating and sustaining new economic opportunities across Virginia. The program promotes regional economic collaborations in economically-distressed areas to stimulate job creation, economic development and build community capacity and leadership.

Building Collaborative Communities is a broad-based program that that provides the financial and technical resources from a number of state entities. By working collaboratively, regions are able to capitalize upon the regional place based assets that create appealing and unique communities where people want to live and work.

These AFID Planning Grants give local governments the flexibility to undertake the kind of planning, study, or local initiative they think best to grow and support agriculture and forestry-based businesses in their community and region.  The planning grant program also provides a greater voice in local economic development to agriculture and forestry stakeholders by requiring that any grant funded program be implemented by a board, committee or working group representing agriculture and/or forestry interests in the affected locality.  For additional information about the program and the application workshops, e-mail Stephen Versen, AFID program contact at the Virginia Department of Agriculture and Consumer Services (VDACS) at stephen.versen@vdacs.virginia.gov.

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Application