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Richmond, VA — The Virginia Black Chamber of Commerce (VABCC) has been awarded $300,000 through the GO Virginia Region 6 Per Capita allocation to expand its successful Expanding Business Ecosystems (EBE) Business Accelerator program. This substantial investment bolsters small businesses and fosters economic growth in the Agriculture/Controlled Environment Agriculture, Distribution and Logistics, Manufacturing, and Professional Services industry clusters.
With the funding, the VABCC will launch a comprehensive ten-week program tailored to six cohorts over two years, ultimately assisting 120 businesses. Each cohort will have a specialized focus to meet the unique needs of different industries and demographic groups, including minority-owned businesses, tech startups, and manufacturing companies.
Key components of the EBE Business Accelerator program include the development of instructor-led training modules, sector-specific mentorship from experienced professionals, and networking events designed to connect entrepreneurs with industry leaders and potential investors. An advisory committee comprising regional experts and stakeholders has been established to guide the program’s efforts and boost impact. Additionally, targeted outreach will ensure broad participation, fostering inclusivity and accessibility for underserved businesses.
“This grant is a transformational investment in the Virginia Black Chamber of Commerce’s mission to support and empower small businesses,” said Ernisha Hall, President & CEO of the Virginia Black Chamber of Commerce. “With this funding, we can significantly expand the reach and impact of our Business Accelerator Program, fostering innovation and driving economic growth within our community. We are deeply grateful for this opportunity and are committed to using these resources to uplift entrepreneurs, strengthen small businesses, and create a more equitable and prosperous future for everyone.”
The program also includes a significant financial commitment from stakeholders. A match of $160,000 has been secured from the VABCC, participating localities, and private sources, along with an additional leverage of $75,715, bringing the total project budget to $535,715.
Core outcomes of the program include serving 120 businesses, facilitating the expansion of 120 businesses, creating ten new businesses, generating 18 new jobs, and mobilizing 30 experienced mentors to assist entrepreneurs. These ambitious goals align with the VABCC’s vision to strengthen the backbone of the regional economy by empowering small business owners.
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