GO Virginia awards more than $2.9M to eight projects for economic growth

More than $2.9 million in Growth and Opportunity for Virginia (GO Virginia) grant awards will support eight projects in the Commonwealth.

The projects aim to foster talent development, economic acceleration and regional industry growth. Projects will support skill-building initiatives, entrepreneurial endeavors and connecting talent with employment opportunities to enhance the vitality of targeted sectors in Virginia.

Projects include $395,067 to the Shenandoah Community Capital Fund to increase the success rate of growth-oriented start-ups in the Valley by providing customized business incubation services in Augusta, Shenandoah and Warren counties and the cities of Harrisonburg, Staunton, Waynesboro and Winchester.

In Middlesex and Stafford counties and the town of Colonial Beach, $96,250 will enable the Stafford County Economic Development Authority to conduct a feasibility study to identify opportunities to expand the existing Smart Technology Entrepreneurial testbed into rural localities.

“These GO Virginia projects exemplify our commitment to fostering economic growth and creating opportunities across various regions,” Gov. Glenn Youngkin said. “By removing barriers to entrepreneurship, improving industrial sites and increasing the number of Virginia’s shovel-ready sites, we are propelling the growth of targeted industries and clearing pathways for sustainable employment.”

By supporting collaborative projects that use workforce development, cluster scaleup, startup ecosystem and site development strategies to grow targeted industry clusters, GO Virginia drives regional economic growth and diversification.

“GO Virginia’s dedication to advancing Virginia’s economy in concert with workforce growth continues to produce innovative solutions and foster regional collaboration,” Virginia Secretary of Commerce and Trade Caren Merrick said. “These projects demonstrate our dedication to fostering industry sectors and talent pipelines that are vital to driving sustainable progress across the Commonwealth.”

The eight projects will also leverage an additional $6.1 million in local and non-state funding.

“These GO Virginia projects are a testament to our unwavering commitment in nurturing economic growth and unleashing boundless opportunities across the diverse regions of Virginia,” GO Virginia State Board Chair Nancy Howell Agee said. “By empowering talent, fostering innovation and cultivating ecosystems, we can pave the way for a prosperous future where Virginia remains at the forefront of industry excellence.”

Since 2017, GO Virginia has funded 262 projects and awarded approximately $109 million to support regional economic development efforts.

“These projects will accelerate growth in high-opportunity industries for Virginia, including manufacturing, life sciences and logistics, by using GO Virginia’s holistic approach to cluster-based economic development – talent development, site development, and innovation,” GO Virginia State Board Vice Chair Todd Stottlemyer said. “These projects support Governor Youngkin’s Compete to Win Comprehensive Economic Development Policy and focus resources on industries where Virginia has competitive advantage. These efforts will develop larger pools of qualified workers, prepare sites to meet market demand and create a resource-rich environment for start-ups and early-stage companies.”