"DECD's move to Shockoe Bottom firmly anchors that department into the things that are quintessential to the city of Richmond; African-American heritage and historic themes manufacturing, general business, trade, transportation, government, literature, and architecture. The area presents a microcosm of Richmond. Further, locating DECD reflects again my administration's commitment to the Shockoe Bottom area," said Mayor Dwight C. Jones.
The relocation of DECD to Shockoe Bottom also represents a cost savings and creative use of an underutilized city-owned space. The city previously paid rent for the office space that held the former Department of Economic Development, as the property is not city-owned.
"It is useful that the department is located outside of City Hall and that it becomes part of a neighborhood. My goal is to position DECD to continue to spur new business development with the establishment of a revolving loan fund for small and minority businesses and neighborhood development," said Mayor Jones. "This proposed fund will provide access to a flexible source of capital that can be used in combination with more conventional sources. The fund level will be between $1.8 million and $2 million. The fund will be a self-replenishing pool of money providing gap financing to be used for development and expansion of small businesses."
For more information on the Department of Economic and Community Development, visit www.richmondgov.com/EconomicCommunityDevelopment.