Industrial Revitalization Fund

First, I want to introduce you to Mark Kernohan.  Mark Kernohan spent his adult life in business management.  He and his wife have recently relocated to our area from Northeast Ohio. If you would like to have your business highlighted for one of our Saturday spotlights give us a call and we will send Mark your way.  Help me welcome Mark to Farmville if you see him, we are thrilled that he is here!
Mark attended a workshop about the Industrial Revitalization Fund.  Check out this Blog about his experience.
On Monday, April 11^th I had the pleasure of traveling to Lexington, VA to learn about the Industrial Revitalization Fund.  I wanted to learn about how communities and businesses can access $2 million to transform a derelict building into a valuable community resource. The workshop I attended was one of three free programs recently offered throughout the state.
The Industrial Revitalization Fund (IRF) is administered by the Virginia Department of Housing and Community Development.  Their stated goal is to “leverage local and private resources to achieve market-driven redevelopment of vacant and deteriorated structures that once redeveloped could become a catalyst for employment opportunities and ongoing revitalization.”
Communities or businesses can request up to $600,000 to fund a project.  Communities can receive these funds as grants, while individual businesses can receive funds in the form of low interest loans. In the past year these funds have been used to revitalize everything from an industrial park to a music theatre.
There are of course lots of forms to complete and restrictions to follow, but the Virginia Department of Housing and Community Development seems truly interested in helping to transform community eyesores to focal points of growth and strength in our state.  Workshops like the one I attended serve as a great starting point.  It certainly isn’t as easy as just picking up the phone and asking for a few dollars from the state, but with perseverance and the right  project you may find the funding you were seeking.
To learn more contact Joy Rumley from the Virginia Department of Housing and Community Development at 276-676-5471 (ext. 7) or our local Community Economic Development offices in Farmville and Prince Edward County.