Albemarle EDA approves matching funds for Venture Central food-and-beverage accelerator
Loading...
Summary
The board approved a resolution to appropriate matching funds to support Venture Central’s proposed CPG accelerator. Presenters sought $25,000 per year for two years (total $50,000) and described expected participant revenue growth and job creation; the resolution passed on a roll-call vote.
Albemarle County’s Economic Development Authority voted to approve a resolution to appropriate local matching funds to support Venture Central’s proposed food-and-beverage consumer packaged-goods (CPG) accelerator.
Steph Lawrence, program director with Venture Central, described the accelerator as an eight-month program with one-on-one coaching, curated expert connections and an online resource hub. “What we are seeking is 25,000 a year, per year for 2 years, so 50,000 total,” Lawrence said, and described projected participant outcomes of “15 to 30% average growth revenue for the participants” and an estimate of 45 new jobs created across program cohorts and associated multiplier effects.
Board members pressed presenters on how participants would be identified and how many local businesses would benefit. Lawrence said the accelerator will use an application process and outreach through the Small Business Development Center, chambers of commerce and economic development offices; she also said organizers maintain a database of regional food-and-beverage companies and expect a substantial share of participants to come from Albemarle and Charlottesville.
The motion to adopt a resolution appropriating matching funds was moved by an unidentified board member and seconded; the Authority conducted a roll-call vote and recorded affirmative votes from Director Higgs, Doctor Johnson, Director Stone, Director Metzschlag, Director Friedman and Director Cox. The chair declared the motion approved.
Lawrence and other presenters said the accelerator has an initial planning budget and a Go Virginia planning grant and plans to combine municipal match, foundation grants and corporate sponsorships to sustain the program beyond the initial two years. The board did not specify additional conditions in the vote; staff and presenters will follow up on implementation details and scheduling.
