Along with other requirements, companies who apply for funding must reside in Virginia’s Southside and Southwest tobacco-dependent regions; and operate in any manufacturing industry or specific scientific, technical or research-related industries.
MARTINSVILLE, Va.--(BUSINESS WIRE)--The Virginia Tobacco Indemnification & Community Revitalization Commission (TIC) and the National Institute of Standards and Technology Manufacturing Extension Partnership (NIST-MEP) agreed to make available $1 million in grant funding to Virginia companies for activities related to innovation and new growth initiatives. Along with other requirements, companies who apply for funding must (a) reside in Virginia’s Southside and Southwest tobacco-dependent regions; and (b) operate in any manufacturing industry or specific scientific, technical or research-related industries. Grants are administered with service delivery through GENEDGE ALLIANCE, the Manufacturing Extension Partnership for the Commonwealth of Virginia.
“We now have an additional tool for use as we work together to try to revitalize and improve the economy of our part of Virginia. My prayer is that this will lead to new and better job opportunities for our workers.”
“This new funding represents a substantial incentive and growth opportunity for a significant portion of the Commonwealth,” says Jeff Kohler, Executive Director with GENEDGE ALLIANCE. “In a time of unprecedented economic adversity, any qualifying company with a validated idea for new product or new market development may receive a sizable match from both TIC and NIST-MEP to offset expenses related to strategic growth.”
The purpose of the funding is to help participating companies achieve success and accelerated growth by using specialized evaluation tools, product development processes, improved marketing and executive growth coaching available exclusively through NIST-MEP. Both TIC and NIST-MEP will match any company investment for qualifying activities, essentially covering two-thirds of qualifying company expenses. The program is structured to ensure measurable success and has an advisory panel that monitors key milestones. GENEDGE ALLIANCE will hold public outreach events throughout Southside and Southwest Virginia to help firms evaluate their growth potentials and better understand the funding process.
"This announcement is very good news for the people that I represent,” added Senator W. Roscoe Reynolds (D-VA 20th District). “We now have an additional tool for use as we work together to try to revitalize and improve the economy of our part of Virginia. My prayer is that this will lead to new and better job opportunities for our workers."
About GENEDGE ALLIANCE
GENEDGE ALLIANCE, formerly known as Virginia Philpott Manufacturing Extension Partnership (VPMEP), helps Virginia industries compete and operates as the non-profit Manufacturing Extension Partnership (MEP) for the Commonwealth of Virginia. It is part of a nationwide network of MEP’s under the National Institute of Standards and Technology and the U.S. Department of Commerce. Since 2000, GENEDGE has reported over $1.5 billion in quantified economic impact for companies. GENEDGE ALLIANCE affiliates include the Manufacturing Technology Center (MTC) in Wytheville, Va., and Old Dominion University Business Gateway (ODUBG) in Norfolk, Va. For more information on GENEDGE ALLIANCE please visit www.genedge.org.
About the Virginia Tobacco Commission
The Tobacco Indemnification and Community Revitalization Commission (Virginia Tobacco Commission) is a 31‐member body created by the 1999 Virginia General Assembly. Its mission is the promotion of economic growth and development in tobacco‐dependent communities, using proceeds of the national tobacco settlement. For more information, visit www.tic.virginia.gov.
