The Commission operates several programs that provide grant or loan funds to accomplish specific economic revitalization objectives. All programs require dollar-for-dollar matching funds. See our Strategic Plan (PDF) for more information on specific program objectives and outcomes.
Economic Development Workforce Housing Incentive Pilot Program
This program seeks to deploy modest Commission funding, alongside the energy brought about by a major economic development project, to bring together the locality, the employer, and the state’s housing community to develop and implement an innovative workforce housing solution that incentivizes the company’s commitment to the Commonwealth.
VSBFA Lending Partnership Program
The Commission has created a new lending partnership program with the Virginia Small Business Financing Authority (VSBFA). The program offers loans to small businesses and economic development organizations and will focus on supporting agribusiness, energy and publicly-supported business-development projects.
Energy Ingenuity Fund
TRRC has established a $12 million dollar fund for rural, disadvantaged, or Native American communities with $6 million designated for energy-related projects in each of its service regions, Southern and Southwest Virginia. The program is designed as an umbrella that can review various types of proposals for energy projects, with a focus on establishing a ‘best in class’ energy economy. This fund will capitalize on a skilled workforce and promote an energy focused economy for the Tobacco Region, recognizing that regions with a strong focus on energy can facilitate bringing energy jobs and investment to their localities. Potential project areas include, but are not limited to: energy manufacturing supply chain companies, energy production, grid resiliency, energy storage, microgrids, hydrogen generation, smart cities, wind, small scale modular reactors, conversion of coal mines, etc.
Up to $6 million is available for Energy investments in each region, for a total of $12 million.
Tobacco Region Opportunity Fund (TROF)
The Commission’s Tobacco Region Opportunity Fund (TROF) provides performance-based monetary grants and loans to tobacco region localities to assist in the creation of new jobs and investments, whether through new business attraction or existing business expansion.
Education
The Education program aims to prepare citizens for new-economy employment through GED and workforce development, higher education scholarship and loan programs for the two regions and competitive grants to community colleges as well as other post-secondary educational entities.
Southwest Virginia Program
The Southwest Virginia Program seeks to invest in projects promoting economic growth and development of the Southwest Virginia area of the Commonwealth’s Tobacco Region. In general, funding is made available to implement projects that advance Commission priorities and measurably expand the local and regional economy.
Southern Virginia Program
The Southern Virginia Program seeks to invest in projects promoting economic growth and development of the Southern Virginia area of the Commonwealth’s Tobacco Region. In general, funding is made available to implement projects that advance Commission priorities and measurably expand the local and regional economy.