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Blacksburg, Martinsville awarded more than $1M in economic development funding

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Published: Sep. 17, 2020 at 10:13 AM EDT
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WASHINGTON (WDBJ) - Martinsville and Blacksburg will receive more than $1 million in federal funding for economic development.

US Senators Mark Warner and Tim Kaine (D-VA) announced Thursday the U.S. Department of Commerce’s Economic Development Administration had awarded $1,282,917 to promote entrepreneurship, startup creation, innovation and commercialization.

“This funding is another step in the right direction, helping to boost startups through investments in technology, health, and life sciences,” said the senators. “By supporting these programs and giving them the tools they need to be successful, we can help spur entrepreneurialism and job creation across the Commonwealth.”

In Martinsville, $300,474 was awarded to Patrick Henry Community College’s IDEA: Innovate, Design, Engineer, Accelerate to support entrepreneurial growth and accelerate company growth in its rural region by building up the IDEA center’s resources.

In Blacksburg, $982,443 was awarded to Valleys Innovations Council’s “Growing our Innovation Ecosystem: Sealing the Success of the Regional Accelerator and Mentoring Program” to support scalable startups in technology and health and life sciences.

EDA grants are awarded through a competitive process based on the application’s merit and eligibility, and the availability of funds.

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