VCU’s Small Business Opportunity Center gets $1.2M grant for expansion

RICHMOND, Va. (WRIC) -- Virginia Commonwealth University (VCU) School of Business received a $1.2 million grant to expand its small businesses accelerator program.

On Feb. 2, VCU announced in a press release that Growth and Opportunity (GO) for Virginia has awarded the school's Small Business Opportunity Center (SBOC) a grant of $1.2 million to expand its project across the Commonwealth.

VCU's SBOC program assists entrepreneurs who want to start or grow their business, who may not have the financial support, connections or know-how to establish or expand.

This program finds entrepreneurs who need help and provides them with training and resources in order to launch traded sector firms. These are businesses that sell products and services outside of Virginia and will normally accumulate a high revenue, according to the release.

“We teach them how to develop a well-thought-out business model – which is the foundation of their business plan – provide small-business consulting services, help them meet people who can help them succeed and connect them with funding opportunities,” said Patrice Perry-Rivers, founder and director of the SBOC. “This grant allows us to significantly expand the number of entrepreneurs we serve.”

GO Virginia is an economic development program that aims to promote collaboration between local governments, higher education and private industries. The grant initiative works to grow and strengthen start-up and small businesses across the Commonwealth.

Perry-Rivers said that the SBOC plans to partner with other state universities, municipalities, stage agencies and entrepreneurship support organizations, per the release.

“Free enterprise thrives when talented people have access to the knowledge, networks and capital they need to succeed,” said Brian Brown, VCU Business dean and professor of marketing. “With this support from GO Virginia, we can open doors for hundreds of entrepreneurs whose success will generate jobs, revenue and economic mobility in communities across the commonwealth.”

This new grant is a part of the $6.2 million package from GO Virginia to expand the state's competitiveness through the growth of economics and expanded workforce opportunities.

“GO Virginia continues to be a catalyst for innovation and opportunity across the commonwealth,” then-Gov. Glenn Youngkin said in December when he announced the grant. “Virginia is stronger than ever, but we have to keep going. By investing $6.2 million in these projects, we are strengthening Virginia’s workforce, advancing key strategic industries and keeping Virginia competitive for years to come.”

SBOC estimates that with the new grant, it will assist 500 entrepreneurs over the span of two years to create 195 new businesses, expand 165 existing businesses and create 230 jobs in various industries, such as manufacturing, information technology and professional services.

The total budget for the project is $3.3 million, which includes $613,000 from a match commitment from private sector and local government partners and an additional leverage of $1.47 million from VCU.

“Beyond the numbers, we are helping people achieve their dreams of business ownership, many in industries where they have historically been under-represented,” Perry-Rivers said. “That has ripple effects for families, communities and generations to come as viable entrepreneurship can facilitate intergenerational wealth, which can be transformative in under-resourced communities.”

The program will be implemented with six state universities' entrepreneurship centers, various Virginia East Coast municipalities, state agencies and support organizations that are leading entrepreneurship. This includes the Metropolitan Business League, Black BRAND, the Northern Virginia Black Chamber of Commerce and the Virginia Black Chamber of Commerce.

For more information, go to Go Virginia's website here.