Mid-Atlantic Advanced Manufacturing Center site development was approved under the competitive grant category, Lighthouse U, a business startup ecosystem project was approved under per capita grants, and CampusRVA, a college graduate retention program received administrative approval as an enhanced capacity grant
(RICHMOND, VIRGINIA) August 14, 2018 – The state GO Virginia Board has approved three projects submitted by the local GROW Capital Jobs Council. The Board signed off on funding for the projects submitted by the local GO Virginia council, which includes 17 counties and cities in the Richmond Region and the Crater Planning Districts.
Mid-Atlantic Advanced Manufacturing Center
Funding and purpose:
$2,217,500 – Infrastructure Engineering and Construction for Mega Site readiness. MAMaC is a 1,600-acre McCallum Sweeney Certified “Mega Site” located in Greensville County. Funds will be used to shorten the timeframe for development of the site and will advance the readiness of the site to allow MAMaC to be “Prospect Ready” for an industrial client. The site would also conform to a tier 4 site as identified by the Virginia Business Ready Sites Program.
Funds would be used primarily for water and sewer engineering and construction to serve the site.
Estimated economic impact:
Regional economic impact analysis indicates an economic benefit ranging from $2.8 billion and 2,487 permanent jobs for an advanced manufacturing center, to 3,297 permanent jobs for an original equipment manufacturer such as Toyota or Volkswagen.
Lighthouse U
Funding and Purpose:
$1,000,000 awarded over a two-year period to Lighthouse Labs’ Lighthouse U, an initiative to support and empower entrepreneurial college students across Virginia to transition to full-time founders of startups in the state after graduation. Lighthouse U will provide Virginia’s future entrepreneurs with the intellectual capital, skills, development, financial investment, and access to other resources needed to recruit and retain talent within Virginia as well as launch new businesses; thereby, generate both high-paying jobs, high-growth companies, and revenue for the state. The program will provide nationally recognized startup acceleration and certificates to further fuel the region’s growing entrepreneurial and innovation ecosystem.
Estimated economic impact:
Within a three-year period after implementation of this grant, more than 750 projected students are expected to participate in the Lighthouse U program and launch more than 20 sustainable new high-growth companies, which are the backbone of growth for the Commonwealth. At above average wages, Lighthouse U will aid in a high-growth business and high- paying salary infusion into the Virginia economy.
CampusRVA
Funding and Purpose:
$100,000 – GO Virginia funds would assist CampusRVA in producing a comprehensive implementation plan including a financial and operating model, an appropriate governing structure and the required IT infrastructure necessary for its implementation.
Campus RVA’s goals include promoting RVA and the surrounding region as a vibrant, dynamic and friendly place for college graduates and young professionals, developing a marketplace both online and offline of internships and open jobs to facilitate the matching of employers and potential employees, and helping identify region wide gaps in the workforce and to develop plans with organizations to close those gaps.
Wilson Flohr, CEO of GROW Capital Jobs Foundation noted that all three approved projects align closely with GROW Capital Jobs Growth and Diversification Plan’s strategic priorities. “We look at these projects as gateways to support long-term economic growth and high paying jobs associated with the region’s innovation, advanced manufacturing and business economy”. He noted that the Lighthouse U project offers an opportunity to retain young entrepreneurs exiting Virginia’s colleges. “We need to develop a startup ecosystem that encourages the new business ideas that will be crucial to Virginia’s economy in the future.”
Flohr said that the GROW Capital Jobs Foundation is actively seeking project proposals that meet the council’s funding criteria. “We are seeking projects that will benefit our region’s future economy and that meet our Economic Growth and Diversification Plan,” he said. For more information on how to apply for funding consideration contact GROW Capital Jobs at info@GROWCapitalJobs.org or call (804) 788-5824.
GO Virginia is a business-led initiative to provide state incentives for localities to collaborate to strengthen our private sector economy by increasing higher paying jobs.
Region Four, or as it is called GROW Capital Jobs, includes the counties of Charles City, Chesterfield, Dinwiddie, Goochland, Greensville, Hanover, Henrico, New Kent, Powhatan, Prince George, Surry, and Sussex; and the town of Ashland and cities of Colonial Heights, Emporia, Hopewell, Petersburg, and Richmond. The Region Four Council is led by William Goodwin Jr. as chair and John Luke Jr. as vice chair and supported by the GROW Capital Jobs Foundation, led by Mark Hourigan, Chair of Region Four GROW Capital Jobs Foundation and Chief Executive Officer Wilson Flohr.