Port announces grant recipients
The Port of Virginia announced this week the seven recipients of a grant program designed to grow investment and expansion from port users.
In fiscal year 2017, which ended June 30, the Port of Virginia Economic and Infrastructure Development Grant Program awarded $2.17 million to seven companies establishing jobs.
This year’s recipients and the jobs created and grant amounts are:
• Continental Automotive Systems of Newport News,139 jobs, $417,000
• Friant & Associates LLC of Suffolk, 105 jobs, $315,000
• Haulotte U.S. Inc. of Virginia Beach, 35 jobs, $35,000
• Hubbell Lighting Inc. of Christiansburg, 105 jobs, $315,000
• Rubbermaid of Winchester, 224 jobs, $500,000
• Target Corp. of Suffolk, 463 jobs, $500,000
• Wolverine Advanced Materials of Blacksburg, 61 jobs, $91,500
The grant is designed to incentivize port users to invest in the commonwealth or expand existing operations to spur growth at the Port of Virginia.
The seven recipient companies combined to create 1,132 jobs.
To be considered for the grants, companies must create at least 25 new full-time positions, be involved in maritime commerce or the export or import of goods through the Port of Virginia and be engaged in maritime-related activities, such as freight forwarding, distribution, marine construction and warehousing.
Subject to appropriation, the grant is available from Jan. 1, 2014 until June 30, 2020. The maximum amount of grant allowable per qualified company is $500,000 and the maximum amount of grants in any year is $5 million.