U.S. Department of Commerce Invests $4.3 Million in American Rescue Plan Funds to Boost Business Development and Job Growth in Virginia
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is investing $4.3 million in the state of Virginia to develop critical infrastructure needed to support current and future business needs and stoke innovation. These grants are funded by the American Rescue Plan.
- Pittsylvania County will receive a $2.4 million grant to make necessary upgrades to water and sewer infrastructure that will support business expansion, attraction and creation. The scope of work includes improvements to six aging pump stations, the decommissioning of the Brockway Pump Station, and extending sewer to serve existing customers. The project will be matched with $600,000 in local funds and is expected to retain 167 jobs and generate $2.5 in private investment, according to grantee estimates.
- Longwood University Real Estate Foundation, Farmville, Virginia, will receive a $1.9 million grant to support construction of an innovation hub featuring coworking spaces, business consulting services, and educational training facilities. The facility is the first of its kind in the region and will serve as a business development accelerator and community training center. The hub will provide a community-based connection point to local and regional business development support and workforce education programming from educational partners Longwood University, Hampden-Sydney College, Southside Virginia Community College, SOVA Innovation Hub and others. The project will be matched with $485,806 in local funds and is expected to create 60 jobs, retain 159 jobs and generate $4.5 million in private investment, according to grantee estimates.
“President Biden is dedicated to supporting communities as they seek to create new opportunities to spur business growth and create jobs,” said Secretary of Commerce Gina Raimondo. “These EDA investments in Virginia will provide the modern infrastructure and other resources needed to support the growth of new and existing businesses and provide resilience to future economic disruptions.”
“The Economic Development Administration is dedicated to working with communities to support their locally-driven strategies to recover and rebuild from the pandemic,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “These projects will provide critical upgrades needed to support innovation and infrastructure, helping to spur private investment and jobs in Virginia.”
“Investing in Virginia’s business climate is a priority of my administration,” said Governor Glenn Youngkin. “By funding necessary infrastructure projects, these grants will help opportunity across the Commonwealth flourish.”
“I am thrilled to see the American Rescue Plan continue to deliver for Virginia,” said Senator Mark Warner. “These funds will help support critical improvements to our infrastructure in order boost our local economies and spur development in the Commonwealth.”
“Healthy communities and strong local economies depend on reliable infrastructure – from wastewater treatment to workforce training facilities,” said Senator Tim Kaine. “This investment will help us make critical upgrades to that kind of infrastructure throughout Pittsylvania County and in Farmville. I look forward to seeing the positive impacts of these projects, which will include improved water quality, business development, and hundreds of local jobs.”
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.