VEDP, Martinsville receive $3.9M in federal grants
Funding to assist economic development, businesses
The city of Martinsville and the Virginia Economic Development Partnership have been awarded $3.9 million in federal CARES Act grants to boost economic development during the downturn related to the COVID-19 pandemic, the U.S. Department of Commerce announced Thursday.
Martinsville will receive a $3 million grant from the Commerce Department’s Economic Development Administration to expand its sanitary sewer service, and $750,000 in local matching funds will be added to the project. The project is expected to create 400 jobs, save 3,500 jobs and generate $25 million in private investments, according to a department news release.
VEDP will receive a $960,000 grant to address the needs of developers in Virginia and nearby states, in an effort to attract businesses to the state. The grants are part of $1.5 billion allocated to the EDA in the federal CARES Act passed last year, funding that is being administered under the commerce department’s Economic Adjustment Assistance program.
“Virginia is emerging very strong from the pandemic, with unemployment dropping and revenue rising,” Gov. Ralph Northam said in a statement. “These grants will help supercharge our efforts to help families and businesses participate in a broad-based, equitable recovery. It’s good to have partners in Washington who believe in investment, infrastructure and planning for the future.”