VCEDA Seed Capital Fund
VCEDA Seed Capital Fund
Virginia Coalfield Economic Development Authority
ABOUT THE GRANT
The VCEDA Seed Capital Matching Fund provides new, startup, and emerging small businesses in Southwest Virginia's e-Region with dollar-for-dollar matching grants of up to $10,000 to support business launch and early-stage growth. Administered by the Virginia Coalfield Economic Development Authority (VCEDA), the program was established in 2017 to address access-to-capital barriers for small businesses in the region and to attract new small businesses from outside the e-Region to relocate there. Since launching, the program has assisted more than 200 new startups and has been credited with a 34-to-1 return on investment in an independent Virginia Tech study.
To qualify, applicants must secure dollar-for-dollar matching funds from one or more other sources in at least the amount requested from VCEDA, operate a for-profit business that is no older than one year from the application date, currently employ or plan to employ fewer than 10 full-time employees, and intend to create or retain at least one full-time job within the e-Region within one year of application. Eligible business categories are reviewed and set annually by the VCEDA Board. Applications are typically reviewed twice per year, subject to fund availability. Interested applicants begin the process by working with their local Small Business Development Center (Mountain Empire Community College or Southwest Virginia Community College SBDC), which helps coordinate the application with VCEDA. Applicants are also required to obtain a letter or resolution of support from the county industrial development authority of the county where their project is located, or from the Norton Industrial Development Authority for businesses in the City of Norton.
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NOTES
Please note that there is no centralized online application for this program. Interested applicants should reach out to the relevant SBDC to begin the applications process. Details on how to identify the relevant SBDC for your business can be found at theg rant website.
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