As unemployment remains low, Petersburg businesses get opportunity for another boost

Kristi K. Higgins, The Progress-Index
·4 min read

PETERSBURG — Unemployment remains low in Virginia, at 2.7% according to the Virginia Employment Commission. That's better than the nationwide average of 3.7% from the Burea of Labor Statistics.

The greater Richmond area has added 1,100 jobs in the last 30 days, according to VEC, part of 14,000 new jobs in the area since October of 2021.

But area by area, neighborhood by neighborhood, the story can be different.

A $500,000 fund created to help boost both start-ups and mature businesses in Petersburg could add more jobs to the area for businesses looking to fund growth. Do you have Petersburg business growth goals? Are you an entrepreneur in need of seed money for a startup? Here's an opportunity to receive a grant of up to $25,000 which can assist individuals in numerous ways.

Whether you're a puppeteer or a nuclear physicist, there may be funds for your business.

Support local farmers, businessesOld Towne Christmas Market: 'Wholightful' time, grouchy 'Grinch' guest appearance

The application process just opened on Dec.1 and lasts through the end of January.

The competitive grants support activities such as hiring or promoting employees, market research, upgrades to finance and accounting systems, staff development, inventory replenishment, business credit enhancement and debt repayment, securing business investments or loans, website development and e-commerce, leasehold improvements and renovations, customer discovery, and more. Funding cannot be used for real estate investment or property management.

These are the targeted industries for the grant, according to virginiaipc.org:

  • Advanced Manufacturing

  • Aerospace

  • Agriculture and Aquaculture

  • Automotive

  • Autonomous Systems

  • Childcare and Family Caregiving

  • Communications and Media

  • Construction

  • Consumer Products and Packaged Goods

  • Energy

  • Environmental and Natural Resources

  • Financial Services

  • Food and Beverage Manufacturing and Processing

  • Healthcare Services

  • Hospitality and Tourism

  • Information Technology

  • Life Sciences and Biotechnology

  • Modeling and Simulation

  • Nuclear Physics

  • Personal Services

  • Professional Services

  • Retail and Wholesale

  • Skilled Trades

  • Transportation and Logistics

  • Visual and Performing Arts

In November, Gov. Glenn Youngkin made an appearance in downtown Petersburg to dedicate a new $8 million park-and-ride deck on Union Street behind the Petersburg Multimodal Center [PMC].

Before the ribbon-cutting, he and Petersburg Mayor Sam Parham presented a report card on the "Partnership for Petersburg" initiative launched by the city and state to raise Petersburg's standing across six areas of need.The Petersburg Founders Fund [PFF], a competitive direct grant program designed to assist in the growth of Petersburg’s economy and entrepreneurial ecosystem, was one of the initiatives discussed.

Old Towne: Trees of Christmas at PAALOver 30 one-of-a-kind wreaths made by locals raise money for Petersburg Area Art League

"The Petersburg Founders Fund is a $500,000 grant program seeded with state money," Youngkin told the crowd of 200 or so assembled at the PMC.

The fund awards grants of up to $25,000 to potential and existing business owners as an incentive for building in Petersburg. A special Investment Advisory Board made up of local business leaders and economic developers vets applicants and makes recommendations on recipients.

Services for founders will also include mentoring, access to markets, business acceleration and incubation, introduction to potential lenders and investors, and other important benefits.

Petersburg Founders Fund

The Virginia Innovation Partnership Corporation [VIPC], formerly Center for Innovative Technology [CIT], collaborated with Virginia’s Secretary of Commerce and Trade and local stakeholders to establish the PFF. The competitive grant fund supports the launch and growth of scalable companies in Petersburg.

VIPC is actively engaged with key stakeholders in the Petersburg region to establish, promote, and administer the PFF to assist creative entrepreneurs with high-impact potential in the community.

According to its website, VIPC anticipates offering at least two grant application cycles in 2023. Companies may only apply for one PFF grant per solicitation cycle and may only receive one PFF grant per year.

Applications are being accepted now and will be reviewed on an ongoing basis until January 31, 2023. Visit VIPC at virginiaipc.org for an application and more information including PFF program guidelines.

Centre Hill Museum 2022 Holiday ShowcaseMansion gussied up: Dress forms' holiday party attire made with fresh greenery, baubles

Funds on the horizon for PetersburgGovernor, Petersburg mayor touch on progress in 'Partnership for Petersburg' initiative

— Kristi K. Higgins aka The Social Butterfly columnist is the trending topics and food Q&A reporter at The Progress-Index. Have a news tip on local trends or businesses? Contact Kristi (she, her) at khiggins@progress-index.com, follow @KHiggins_PI on Twitter @socialbutterflykristi on Instagram.

Your support is vital to local journalism. Please subscribe.

This article originally appeared on The Progress-Index: Applications open for $25K in business funding in Petersburg through Founders Fund