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