Our Impact

 

The Richmond Economic Development Authority has undertaken key investment activities on behalf of the people of Richmond – to attract new businesses, to increase employment, and to improve neighborhoods around the City.  Some of the more recent projects have included:

            · Bon Secours – Washington Redskins Training Center

             · Stone Brewing Company’s Richmond location

              · Black History Museum and Cultural Center of Virginia

            · Altria Theater renovations


"The performance of the EDA should be measured not in dollars and cents, but in job creation, business development and tax-base expansion."

- Julious Smith, Chairman
Economic Development Authority, Richmond


The EDA plays a vital role in critical investment projects across the City.  The work to develop the Bon Secours – Washington Redskins Training Center has been widely deemed a major success.  The city used the EDA to meet the aggressive timetable needed to complete the facility, and tens of thousands came to see the Redskins training camp.  These visitors make purchases at local restaurants, hotels and other city businesses.  Through related advertising and general media coverage the outside world learned more about Richmond. The camp also created a strong partnership among the city, Bon Secours and the Redskins. That partnership resulted in plans for a revitalized Westhampton school building and an infusion of funds into the East End.

Within RVA Works, the EDA has continued to support the establishment and growth of new businesses.  RVA Works is home to over 40 Richmond organizations, providing core office support services.  Through the incubation program we provide pathways for people to start a new business; and we’re delighted to have launched a range of supplemental programs to partner with other support service providers in Richmond.  Some of the highlights:

·          71% of businesses completing the program are open for business;

·          34 students have entered the program, with 62% coming from low income households, and 97% representing women- and minority-owned businesses;

·          21 founders have graduated;

·          17 new businesses are in operation; and

·          40 people are volunteering time to assist in program delivery.

In partnership with the Department of Economic & Community Development, the EDA enables small business lending which is vital to attracting and retaining small businesses within the City.  There are several loan programs, which serve as a part of the City’s array of neighborhood revitalization incentives.  We’re delighted to have achieved:

·          $23 million in assets under management

·          99% of loans are current in their repayment