The GO Virginia State Board has authorized the use of $14.66M in statewide competitive funds (FY20) to respond to the unprecedented economic conditions facing Virginia due to the near and long-term effects of the coronavirus on regional economies. This initiative will focus resources on economic resilience and recovery while staying true to the GO Virginia mission.
GO Virginia Region 6 has $800,000 to invest in the regional economy on projects that help the region recover from the COVID-19 pandemic.
GO Virginia Region 6 is seeking applications that support and serve existing businesses, priority traded sectors and essential businesses, including the health care system and tourism. Region 6 seeks applications that optimize and strengthen supply-chains; bring real products to address critical shortages of goods and services to meet healthcare needs; and develop or expand transitional training programs to move those out of work into available employment opportunities.
The GO Virginia State Board also relaxed the current requirement of a 1:1 match for economic resiliency projects, reducing it to 2:1, and it waived the requirement for a local match of 20%. All these changes are immediate and are intended to help generate projects that can implement quickly to help begin recovery.
Funds may not be used for direct grants to businesses, to capitalize loan pools, or provide seed or other equity investments in firms. Funds may not be used to provide scholarships or to acquire real estate. This program is time limited, with an initial 12-month application window (April 18, 2021) unless extended by the GO Virginia State Board. *This program was extended to June 30, 2022*