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RICHMOND—Governor Ralph Northam today announced more than $14.66 million for a new Economic Resilience and Recovery Program to respond to the unprecedented economic conditions facing Virginia and address the near and long-term impacts of the COVID-19 pandemic. This initiative was created through a restructuring of Growth and Opportunity for Virginia (GO Virginia) funding. The program will focus resources on economic resilience and recovery while staying true to the GO Virginia mission of creating higher-paying jobs that strengthen and diversify regional economies.
“The COVID-19 pandemic has had an unprecedented impact on our economy, and we must use every asset we have to assist businesses and communities as we rebuild,” said Governor Northam. “GO Virginia will be a key partner as we work to spearhead an economic recovery and drive new economic development. Through the Economic Resilience and Recovery program, GO Virginia has been able to pivot and help support these important initiatives throughout the Commonwealth.”
The GO Virginia Board has approved a policy to implement the Economic Resilience and Recovery Program with up to $14.66 million in GO Virginia funds. Each GO Virginia regional council may apply for up to $1 million to support strategic initiatives in response to the economic conditions caused by the COVID-19 pandemic. In addition, the GO Virginia Board approved flexible policy changes to accelerate the deployment of funding. Applications will be accepted through the nine GO Virginia Regional Councils. For more information on the regional councils, click here.
“The negative impacts to our economy will be felt for some time, so we must be strategic with how we spend state dollars,” said Secretary of Commerce and Trade Brian Ball. “We have an opportunity to build on the great partnerships and hard work that the GO Virginia regions have developed to create strategies that address Virginia’s economic recovery. The range of economic development opportunities that will result from the projects funded by the Economic Resilience and Recovery program will have an important impact on the Commonwealth.”
The following four projects have been administratively approved through the new Economic Resilience and Recovery Program, totaling $341,800.
“Now more than ever, we need to think creatively about how to utilize GO Virginia resources to address the economic challenges we face today and in the near future,” said Chair of the GO Virginia Board Tom Farrell. “The GO Virginia regions have demonstrated hard work over the last year with the myriad of projects, and now given the COVID-19 pandemic, we are seeing innovation and ingenuity with a robust project pipeline that will deliver impact and address their regional economies’ recovery. We look forward to realizing the success of these projects and seeing economies bounce back and deliver new opportunities for individuals across the Commonwealth.”
Since GO Virginia’s inception in 2017, it has funded 90 projects and awarded approximately $30 million to support regional economic development efforts. More information about GO Virginia can be found here.
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