CDBG Economic Development and Entrepreneurship Fund
Forecasted
CDBG Economic Development and Entrepreneurship Fund supports Virginia communities with regional economic restructuring projects that create jobs, launch businesses, or significantly expand existing businesses.
Funder: Virginia Department of Housing and Community Development
Due Dates (Anticipated): December 2026 (Final rolling submission deadline)
Funding Amounts: Up to $1.25 million per project, limited to $35,000 per job created
Summary: Supports regional economic development and entrepreneurship projects that create jobs, start businesses, or significantly expand businesses through strategic economic restructuring.
Key Information: Only Virginia non-entitlement local governments may receive funding directly.
Description
The Virginia Department of Housing and Community Development (DHCD) administers this Community Development Block Grant (CDBG) fund for economic development and entrepreneurship projects with significant regional impact. Projects must connect job creation, business start-up, or significant business expansion to a strategic economic restructuring effort. Reliable, credible job projections and clear documentation of employment benefits are central requirements.
Supported activities include Individual Development Account programs, economic restructuring loan funds, entrepreneurship development, heritage tourism, multipurpose community centers, adaptive reuse, and small-scale local manufacturing and production support. Entrepreneurship assistance targets gaps in access to capital, technical and managerial assistance, technology transfer, education and training, and entrepreneurial networks. These efforts must address unmet needs rather than duplicate existing services, with documentable outcomes in businesses created, jobs created, and persons employed.
