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 Economic Development News 
Thursday, August 16 2018

Funding includes grants for mega-site advancement project and regional workforce development initiatives

Richmond, VA — Governor Northam announced three regional projects funded through GO Virginia (Growth and Opportunity for Virginia) grants totaling $4,217,500. Key members of the Governor’s cabinet, the General Assembly and the business community approved the GO Virginia regional per capita and competitive grants for projects across the Commonwealth. These grants are for projects each region identified as vital to their efforts to diversify the regional economy, strengthen their workforce and support collaborative programs between localities, public entities and private businesses.

“GO Virginia invests in key projects that are focused on creating a strong regional workforce and enhancing infrastructure to attract new businesses and improve the quality of life for all residents,” said Governor Northam. “We have developed a unified strategy for regional economic development in all areas of the Commonwealth—these GO Virginia grants will support important local projects and solidify Virginia’s place as the best state to do business.”

The GO Virginia grants will be used to implement projects that align with each region’s Growth and Diversification Plans. These plans provide an honest assessment of the economic, workforce and structural barriers in the region, as well as the existing regional economic drivers and potential growth sectors in each region. Projects that address these challenges and opportunities are the first step toward the creation of higher-paying jobs in the regions.

“GO Virginia’s collaborative approach is continuing to support the innovative economic development strategies developed by each region,” said Secretary of Commerce and Trade Brian Ball. “We are utilizing innovative partnerships to enhance workforce and talent development opportunities, create a stronger portfolio of business-ready sites and diversify our regional economies throughout the Commonwealth.” 

The regional per capita funding is awarded based on recommendations from the GO Virginia Regional Councils for projects that support regional collaboration and the Growth and Diversification Plans. The competitive grants are awarded through a statewide competitive process for projects that are multi-regional in scope or represent an extraordinary opportunity to the Commonwealth. The GO Virginia Board is responsible for giving final approval for these grants funded awarded through the GO Virginia program.

The GO Virginia Board approved three projects from two regions. This will leverage more than $5,550,738 in non-state sources to assist with economic diversification throughout Virginia, including $1,192,674 of local government funding toward the three projects.


 

Posted by: Nicole@ExpansionSolutionsMagazine.com AT 10:24 am   |  Permalink   |  Email

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