Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.3 million grant to the SOVA Innovation Hub in South Boston, Virginia, to bolster small business development in the region.
This grant will support building renovation to create a digital maker space, community gathering space and co-working offices. This EDA investment will be matched with $492,389 in local funds and is expected to create or retain 130 jobs, and generate $1.1 million in private investment, according to grantee estimates.
“President Biden’s Investing in America agenda is providing communities with the resources they need to boost local businesses and create jobs,” said Secretary of Commerce Gina Raimondo. “This EDA investment will provide site redevelopment and infrastructure improvements to support local business development and bring new industries to the region.”
“The Economic Development Administration is pleased to provide targeted, place-based grants designed to support local business growth,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will address the urgent need for economic equity by breaking down barriers to entrepreneurship through increased access to technology, networks, training, and workforce skills.”
“This grant will foster small business development in Virginia,” said Governor Glenn Youngkin. “Investing in the economies of local communities, such as South Boston, helps strengthen our Commonwealth as a whole.”
“I’ve seen firsthand how the SOVA Innovation Hub has revitalized South Boston’s economy, training a skilled workforce and bringing high-paying jobs to Southside Virginia,” said Senator Mark Warner. “I am thrilled to see federal funding continue to support the business growth of the region, and the partnerships fostered by the facility.”
“I’m glad to see this funding will bolster the SOVA Innovation Hub’s important work to support small businesses and create jobs in South Boston,” said Senator Tim Kaine. “I will keep working with the community and local leaders to promote economic development in Southside.”
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.