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Economic development

City of Richmond Receives Excellence in Economic Development Award for Small Business Recovery Grant Fund

Strategic Insights

— 1 min read

The City of Richmond and its partners have been recognized with a 2025 Excellence in Economic Development Gold Award from the International Economic Development Council (IEDC) for their work in building the Small Business Recovery Grant Fund. The fund was established in response to the water outage earlier this year, which had a significant impact on the city's small business community. The grant program provided much-needed financial relief to small businesses, with 117 grants distributed in the amounts of $2,500 or $5,000, serving nearly 85% of eligible applicants.

Key Takeaways:

  • The City of Richmond and its partners received a 2025 Excellence in Economic Development Gold Award from the International Economic Development Council (IEDC) for the Small Business Recovery Grant Fund.
  • The fund was a public-private partnership between the City's Economic Development Authority (EDA), Dominion Energy, and Altria, and was administered by the Metropolitan Business League (MBL) and Bridging Virginia.
  • The grant program provided $500,000 in investment, with grants distributed to 117 small businesses, providing financial relief to nearly 85% of eligible applicants.
  • The program was specifically recognized in the "Recovery, Resiliency, and Mitigation" category, highlighting its impact, innovation, and leadership in the practice of economic development.
  • The City is grateful to MBL and Bridging Virginia for their expertise in administering the program, which ensured a smooth and efficient process for small businesses.
  • The City of Richmond and the EDA remain committed to standing with small businesses through challenges and successes, recognizing the resilience, creativity, and determination of the city's small business owners.

Statistics:

  • The Small Business Recovery Grant Fund received a total investment of $500,000 through combined efforts from the EDA, Dominion Energy, and Altria.
  • 117 grants were distributed to small businesses in the amounts of $2,500 or $5,000, serving nearly 85% of eligible applicants.
  • The grant program provided financial relief to small businesses impacted by the water outage earlier this year.

Sources:

  • The City of Richmond
  • International Economic Development Council (IEDC)
  • Dominion Energy
  • Altria
  • Metropolitan Business League (MBL)
  • Bridging Virginia
  • Economic Development Authority (EDA)

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