The Town of Blacksburg has been awarded a grant by the U.S. Department of Commerce for $982,443 to be used for economic development.
U.S. Sens. Mark Warner and Tim Kaine (both D-VA) announced the grant Thursday. Blacksburg’s grant was paired with a grant for $300,474 for Patrick Henry Community College in Martinsville.
The grants were awarded through the Economic Development Administration (EDA) to promote entrepreneurship, startup creation, innovation and commercialization in Martinsville and Blacksburg.
“This funding is another step in the right direction, helping to boost startups through investments in technology, health, and life sciences,” said the senators. “By supporting these programs and giving them the tools they need to be successful, we can help spur entrepreneurialism and job creation across the commonwealth.”
The Blacksburg grant was awarded for use by the town’s RAMP program (Growing our Innovation Ecosystem: Sealing the Success of the Regional Accelerator and Mentoring Program (RAMP) to support scalable startups in technology and health and life sciences in Blacksburg.
The Martinsville grant was made specifically for the community college’s IDEA program: Innovate, Design, Engineer, Accelerate, to support entrepreneurial growth and to accelerate company growth in the college’s rural service region through building the resources and capabilities of the IDEA Center in Martinsville.
EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility and the availability of funds.