Posted Feb. 27, 2025

Metropolitan Business League, Altria, and Dominion Energy, and EDA Form New Private-Public Partnership to Support Local Small Businesses

Tonight, Richmond's Economic Development Authority (EDA) approved a $250,000 grant to the Metropolitan Business League (MBL) for a new Small Business Recovery Grant Fund. The program will provide grants to small businesses significantly impacted by January's water emergency and will be seeded with a total initial investment of $500,000 provided by the EDA, Dominion Energy, and Altria. Fundraising efforts are ongoing.

"In the face of challenges, we are excited about this opportunity to provide financial relief and ongoing assistance needed to help the Richmond Business Community. It is our collective resilience and shared commitment that will guide us toward helping businesses sustain.  Together, with the support of the City of Richmond and our dedicated financial partners, we will continue to foster growth and prosperity within our community." said Floyd E. Miller II, President & CEO, Metropolitan Business League.

"The water emergency deeply impacted our small business community, and this partnership is an example of how when we work together we can overcome challenges," said City Council President Cynthia I. Newbille. "I want to thank the MBL, Dominion Energy, Altria, and the EDA for the hard work they've put into standing this program up and for leading on this effort. I also want to encourage members of our business and economic development community to consider supporting the program-we all know what a great impact small businesses have on the Richmond region."

Applications for the Small Business Recovery Grant Fund will open on Mar. 17 and will close at 11:59 p.m. on Mar. 28, 2025. The MBL, in cooperation with the City's Office of Minority Development, will hold virtual Q&A sessions on Mar. 6 and Mar. 12. Businesses can sign up to attend online. More information about the program, including eligibility criteria, will be available on thembl.org in the coming days.

"Small businesses are the backbone of Richmond's economy, and many experienced significant hardship during the water crisis," said Ed Baine, President Utility Operations and Dominion Energy Virginia. "We're eager to help them recover, and we're grateful for the Economic Development Authority's leadership.

"The EDA is deeply committed to the success of Richmond's small businesses. The EDA thanks the MBL, Altria, Dominion, and the entire entrepreneurial ecosystem for their efforts to help small businesses bounce back," said EDA Board of Directors Chair John Molster. The MBL will deploy the small business grants through the Capital Access Hub. The Hub is a collaborative program between MBL and Bridging Virginia (a Community Development Financial Institution) that aims to close the capital access gap for historically marginalized and underinvested small businesses through a combination of early-stage capacity building, technical assistance for capital access, and network growth.