Goochland EDA adopts small-business expansion fund, narrows eligibility to firms with 100 or fewer employees and approves tourism signage grants

The Goochland County Economic Development Authority voted to adopt a Small Business Expansion Fund and a tourism "logo" signage grant, approving program guidelines and narrowing the small-business eligibility threshold to companies of 100 employees or fewer.

Director said the EDA had created an application and draft guidelines and that the board had allocated $50,000 specifically for the small-business incentive program. "Businesses would be eligible to receive up to 5% of their investment, but no more than $20,000," the Director said, adding that staff would screen applications for ROI before sending finalists to the EDA for a vote.

The Chair moved to adopt the recommendations and a board member seconded. During debate several board members argued the federal Small Business Administration's 250-employee standard would be too inclusive for Goochland; others said a 50-employee cutoff would exclude many local firms. "I think going down to 50 is a major jump that is gonna leave out a lot of the businesses," a staff representative said. The board agreed on a compromise amendment to set eligibility at 100 employees or fewer; the amendment passed by voice vote and the motion was then carried.

On the tourism grant, the Director described a program to support advertising and directional signage on state corridors to drive visitors to county attractions. The program was described as open to tourism businesses and organizations, with agribusinesses and historical organizations specifically added so sites such as Rosenwald School could apply. The Director said nonprofits would be eligible only if they are organizations in the tourism industry.

Board members discussed eligibility for the first year, noting that the initial round would prioritize businesses that do not already have highway signage so that the first-year pot helps those without existing exposure. The Director estimated typical VDOT-related signage costs at roughly $800–$2,000 depending on location and number of signs.

Members asked how the EDA would market the programs; the Director said staff would use direct e-mails to known companies, include program information in newsletters and leverage business outreach during site visits.

The board approved the tourism logo grant, including a member amendment adjusting a numeric threshold; the program as described will proceed with staff-level marketing and an application process reviewed by staff for ROI before EDA consideration.

Next steps: staff will publish the application materials, begin outreach to eligible businesses, and schedule EDA review of applications. The board recorded the actions by voice vote; no roll-call tallies were provided in the transcript.