Updates from the Office of Economic Development

Minority Business Month Events Wrap-up - Black Business Expo and Resource Fair

This past Saturday, September 24^th the Charlottesville Office of Economic Development was pleased to sponsor the sixth annual Black Business Expo. Hosted by Lifeview Marketing, the event was designed to support and celebrate local black-owned businesses, with live entertainment, panel discussions, and a business pitch contest. Lastly, OED would like to thank all the participants and congratulate the winners of the expo business pitch competition.

Also, the Charlottesville Minority Business Program and Community Investment Collaborative successfully hosted the Fall 2022 Resource Fair. Business owners were able to receive free consultations with accounting, human resources, marketing, social media, website design, business strategy, business productivity and SWAM certification experts. On behalf of both organizations, we would like to thank all consultants who volunteered their time and expertise in the interest of helping grow Charlottesville businesses. 

OED Fun Fact

Today (September 29^th) is National Coffee day. While the US does not produce any coffee, it consumes the most of any nation in the world!  The coffee tree has origins in Ethiopia but Brazil leads the way with over 5 million pounds of coffee beans exported every year.  Visit a Charlottesville coffee shop today and join the celebration.

GO Start-Up Application - Deadline Extension

GO Start-Up is an entry-level program for entrepreneurs who want to start their own businesses. Participants will have the opportunity to test a business concept through hands-on project development and management skills in a low-risk environment. The program puts an emphasis on participant self-organization and goal setting as critical components of business ownership. Participants of the program should be willing to learn new and challenging concepts that come with starting a business in a fast-paced environment. Click here to apply. Deadline extended to October 6^th at 4:00PM.   

Charlottesville OED Staff Visits City of Norfolk

The Charlottesville OED team recently visited the City of Norfolk to meet with members of their Economic Development Team. Staff from both teams shared tips, best practices, and business assistance methods used in their respective localities. Despite the size difference, Norfolk and Charlottesville share some similarities, including a major university, a sizeable military presence, and the large number of scientific/biotech companies. Charlottesville OED would like to thank Norfolk for their generosity and hospitality during our visit!

BRACE 4.0 Grant Wraps Up

The Office of Economic Development has completed its fourth round of the BRACE grant. The grant funds were intended to help small businesses that have adapted their business operations to offset the difficulties incurred as a result of the COVID-19 pandemic. The program received 86 applications totaling over $550,000 in business expenses incurred during the application period. After a thorough review, OED awarded 85 grants to small businesses and organizations that met the guidelines. These grants ranged from $500 to the full $2,000, ultimately resulting in approximately $93,000 in grant funds being dispersed, with approximately 39% of the grantees being first-time recipients.

Small Business Owners Credit Survey

OED is encouraging city business owners and key financial decision makers of for-profit businesses to share their recent experiences. Did your business seek financing such as loans or lines of credit in the last 12 months? How would you rate the financial condition of your business?

The Virginia SBDC Network is partnering with the Federal Reserve to conduct a Small Business Credit Survey. By taking the survey, you contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers, and others—ultimately benefitting your business and other businesses like yours. Take the 10-minute survey now.

The survey is open to businesses currently in operation, those recently closed, and those about to launch. All responses are confidential. The survey closes November 4, 2022. 

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