Showing posts from July 26, 2020

City of Richmond Economic Development Authority approves use of CARES Act funds to convert business loans into grants

The Economic Development Authority (EDA) of the City of Richmond  authorized giving participants who have already received a loan through the Richmond Small Business  Disaster Loan Program the option to convert those loans to grants.     The city has allocated $1 million of its total $20.1 million federal CARES Act appropriation to the EDA to pay for the program.   “Earlier in the year, the EDA stepped up in a big way and provided a loan program to help small businesses keep employees on payroll during the COVID-19 pandemic,” said Mayor Levar Stoney. “With this funding from the city, the EDA will be able to forgive those loans, hopefully relieving some stress on those same businesses.”   To date, the EDA has approved 48 loans, totaling $934,920.   John Molster, Chair of the EDA stated, “The EDA enthusiastically provided a zero percent interest rate solution to help small business in the city, and we’re glad that those loans can now be repaid with the CARES Act appropriation. We look fo

Stoney administration commits $25-50M for commemoration, memorialization of “complete history”

First investment of $3.5M to fund Shockoe Area Memorial Park campus Surrounded by members of the Shockoe Alliance, Mayor Stoney committed to funding a capital improvement budget amendment of between $25 and 50 million in the city’s five-year CIP plan specifically for the commemoration and memorialization of Richmond’s complete history.   The mayor asserted that the shared priority of the Shockoe Alliance and city leadership is embracing and telling the truth about Richmond’s history, centralizing the turmoil, resistance, resilience and triumphs of Black Richmond.     “Black lives built this city. Black lives have defined Richmond’s history. They matter,” said the mayor. “The story of Black lives should span our skyline, our landscape and our textbooks accordingly.”   Priority investments will include the Shockoe Area, various African American burial grounds and the Slave Trail. The effort will begin with a $3.5 million investment in the Shockoe Area Memorial Park.     The memorial park