Local ‘GO Virginia’ grants to encourage economic growth
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Virginia Gov. Ralph Northam announced recently an allocation of more than $7.7 million in Growth and Opportunity for Virginia (“GO Virginia”) grants to advance community economic recovery efforts.
The funding is designed to allow communities to prioritize local needs by supporting 14 projects – two of which include Henrico – focused on economic diversification, workforce development, talent pipelines, economic resiliency, and business-ready sites.
The Lighthouse Labs Alumni Program will receive an allocation of $429,000 to help Henrico and the City of Richmond strengthen post-acceleration resources offered to startup companies in high-growth sectors. By offering support for an additional nine months after the three-month acceleration program, Lighthouse Labs will help alumni scale organically and attract outside capital to grow.
An allocation of $1,400,000 will provide activation capital to accelerate growth of the emerging pharmaceutical manufacturing cluster for Region 4 (the counties of Henrico, Chesterfield, Dinwiddie, Greensville, Hanover, Prince George, and Powhatan and the cities of Petersburg and Richmond), making it an international leader in advanced pharmaceutical manufacturing, research and development. The Pharmaceutical Manufacturing Cluster Scale-Up will use a six-pronged approach to help generate high-paying jobs, the expansion of companies, and investments in high-tech sector activity.
GO Virginia has funded 196 projects and awarded approximately $75.6 million to support regional economic development efforts since 2017. For details, visit https://www.dhcd.virginia.gov/gova.
