Grants for New Businesses
The Seed Capital Matching Fund provides a source of matching grant funds to assist new, startup, and emerging small businesses located within Southwest Virginia’s e-Region and to attract new small businesses from outside the region to locate here.
Access to seed capital can be a problem for small businesses, creating barriers for entry into the economy. VCEDA encourages small business growth within the region and the Seed Capital Matching Fund further helps VCEDA meet the purposes for which it was created to enhance the economy of the e-Region.
According to a 2021 Virginia Tech study, VCEDA’s Seed Capital Matching Fund program had a very high return on investment ratio of 34:1. Since the program was established in 2017, 249 new business startups have been assisted in the region by the Seed Capital program and hundreds of full-time and part-time jobs have been created.
Eligibility
- The applicant must have dollar-for-dollar matching funds from one or more other sources in at least an amount sufficient to match funds requested from VCEDA. No applicant can be approved for more than $10,000 under this program.
- The for-profit business should be no older than one (1) year from the date of application, and the applicant must state an intent to create, or already operate, the business within the region.
- The small business should have less than ten (10) full-time employees at the time of application. The applicant must intend to create or retain at least one (1) full-time job within the region within one (1) year from the date of application.
- Eligible business categories for the program are reviewed and set on an annual basis by the VCEDA Board.
How to Apply
- Subject to the availability of funds, VCEDA typically considers applications for the Seed Capital Matching Fund program twice per year. Applicants begin the process by contacting and working through the applicable Small Business Development Center (SBDC) for their area (Mountain Empire Community College and Southwest Virginia Community College). The SBDC will then help coordinate the request with VCEDA.
- Applicants are also required to obtain a letter or resolution of support for their application from the county industrial development authority of the county in which their project is located (or from the Norton Industrial Development Authority for businesses in the City of Norton).
Request More Info
Request more information by contacting VCEDA at 276-889-0381 or mail@vceda.us.