Richmond’s Small Business Recovery Grant Fund recognized by IEDC

RICHMOND, Va. (WRIC) -- The City of Richmond's Small Business Recovery Grant Fund was recently recognized by the International Economic Development Council (IEDC).

The city and its partners received a 2025 Excellence in Economic Development Gold Award for its work within the fund, according to a release. The fund was created to help the city's small business community following the impact of the Richmond water crisis back in January.

It was established through a public-private partnership with financial support from the city's Economic Development Authority (EDA), Dominion Energy and Altria -- and is administered by the Metropolitan Business League (MBL) and Bridging Virginia.

Through joint efforts from partners, the fund was given a total investment of $500,000 -- with grants of $2,500 and $5,000 being distributed to 117 small businesses, the release said.

“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.”

According to a release, the IEDC is a nonprofit membership organization that highlights projects based on impact, innovation and leadership within economic development endeavors.

To learn more about the award, and other economic development projects, click here.