Montgomery County, Radford part of state grant to develop investment plan

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Montgomery County and Radford have been included in a $300,000 regional grant from the state that will develop strategies to develop an entrepreneurial investment plan for the region that has as its goal to attract entrepreneurship resources.

The grant to what has been designated Region 2 is for $299,995. It is one of nine regional grants statewide that are part of an economic development package totaling $5.8 million.

In addition to Montgomery County and Radford, the counties and cities specifically named to receive grant money are Alleghany, Amherst, Appomattox, Bedford, Botetourt, Campbell, Craig, Floyd, Franklin, Giles, Pulaski and Roanoke counties, and the cities of Covington, Lynchburg, Roanoke and Salem.

The grants come under the auspices of Growth and Opportunity for Virginia (GO Virginia), a program launched in 2017. Since its inception, GO Virginia has funded 74 projects and awarded approximately $38 million to support regional economic development efforts.

The GO Virginia Board, which includes key members of the Governor’s cabinet, the General Assembly and the business community, has approved a new policy that encourages GO Virginia regions to apply for future funding for site development and infrastructure projects of regional significance.

The GO Virginia grants will be used to implement projects that align with each region’s Growth and Diversification Plan. These locally-developed plans identify priority industry sectors and strategies based on each region’s assets. The grant awards will leverage an additional $6.4 million in non-state resources to assist with economic diversification throughout Virginia.

The grants will help strengthen and diversify regional economies, build a pipeline of workers to support targeted industry sectors and encourage collaboration among local governments, public sector partners and private industry.