Key investments include more than $5 million to support small businesses, arts and culture, and neighborhood commercial districts  

Richmond, VA -- Today, Mayor Danny Avula outlined a few key investments in Pillar Four: Thriving Economies, including more than $5 million to strengthen Richmond’s economy and support the small businesses, entrepreneurs, and creative communities that bring life to the Richmond. 

Pillar Four focuses on supporting small and minority-owned businesses and employers by expanding access to quality, living-wage job opportunities. It also prioritizes creating pathways for disadvantaged residents to move from poverty to stability and wealth-building, while directing investments to neighborhoods that have historically been overlooked. 

Some of the key FY27 proposed investments supporting a Thriving Economy include: 

• $4.9 million for Economic Performance Grants to support major economic development projects that create jobs, activate underused spaces, and drive long-term economic growth;
• $250,000 for commercial façade improvements to help small businesses invest in storefront upgrades that strengthen neighborhood commercial corridors and attract customers; and
• $125,000 in funding to support a Business Improvement District (BID) in Carytown , strengthening business vitality through cleaner sidewalks, safer streets, and coordinated support for local businesses. 

“Richmond’s economy is powered by the creativity and local pride that shows up in every neighborhood,” said Mayor Danny Avula . “We see it in our small businesses where people gather, in the incredible arts and culture scene that makes our city vibrant, and in the historic buildings that hold so much potential. My proposed investments help us build on those strengths while creating new opportunities for Richmonders and businesses that call our city home.” 

These investments are part of a broader strategy to ensure Richmond’s economic growth is neighborhood-driven and reflective of the entrepreneurship that defines the city. 

This preview is part of a series of early looks at how the FY27 proposed budget advances the Mayor’s vision for a Thriving Richmond — including Thriving Neighborhoods, Thriving Families, and Thriving Economies. 

The full FY27 proposed budget will be presented publicly on March 11 and submitted to City Council for review and deliberation. For more information about the FY27 budget process, visit FY27 Budget Season | Richmond.