Richmond, VA – The City of Richmond and its partners received a 2025 Excellence in Economic Development Gold Award from the International Economic Development Council (IEDC) for its work in building the Small Business Recovery Grant Fund. The fund, which was a public-private partnership funded by the City’s Economic Development Authority (EDA), Dominion Energy, and Altria, and administered by the Metropolitan Business League (MBL) and Bridging Virginia, was established to support the City’s small business community, impacted by the water outage earlier this year.

“This year’s water outage created very real hardships for business owners and employees across Richmond, many of which are still being felt today,” said Mayor Danny Avula. “The resulting grant program was designed to provide a measure of meaningful relief in a time of need and, importantly, to show our business owners that they are supported and valued. “This recognition is a testament to the Richmond community, to the power of partnership, and to the compassion which compels every Richmonder to lift up their neighbors in times of need.”

IEDC, the nation’s largest nonprofit membership organization for economic developers, recognizes projects annually for their impact, innovation, and leadership in the practice of economic development. The Small Business Recovery Grant Fund was specifically recognized in the award’s “Recovery, Resiliency, and Mitigation” category.

“Small businesses are the backbone of Richmond’s economy, and we’re honored to work with the City of Richmond to offer a helping hand in times of adversity,” said Ed Baine, President of Dominion Energy Virginia. “This award is a testament to the ability of public-private partnerships to solve important problems.”

The fund received a total investment of $500,000 through combined efforts from the EDA, Dominion Energy, and Altria. Following a multi-step review by a panel of public and private partners, grants in the amounts of $2,500 or $5,000 were distributed to 117 small businesses – providing much-needed financial relief to nearly 85% of eligible applicants.

The City is grateful to both MBL and Bridging Virginia for their expertise in administering the program. Their contributions were invaluable to ensure a smooth, efficient process for our small businesses.
“The MBL values our partnership with the City of Richmond and is honored to have contributed to the water relief project,” said Floyd E. Miller II, MBL President & CEO. “Through innovative initiatives and strong collaboration, we remain committed to providing financial resources during challenging times, while continuing to support local minority-owned businesses.”

“We know that equitable access to capital is essential — not only to recover from crisis, but to sustain and strengthen the small businesses that anchor our communities, care for our neighborhoods, and continue to move our city forward,” said Melody Short, Director of Business and Community Engagement at Bridging Virginia.

“This recognition belongs to Richmond’s small business owners,” said EDA Board of Directors Chair Nupa Agarwal, Esq. “Your resilience, creativity, and determination inspire us daily. The City of Richmond and the EDA remain committed to standing with you through challenges and successes, because when our small businesses thrive, our entire community thrives.”

Learn more about the recognition, and explore the other deserving economic development projects, on the IEDC website.

To learn more about what the City is doing to improve our water resiliency, visit rva.gov.