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EDA approves $25,000 county match for Envision Enterprise small-business grant program
Summary
The authority approved a $25,000 county contribution to replenish the Envision Enterprise grant pool; United Way reported 25 firms previously received $10,000 awards across three cycles with self-reported net revenue increases and a net gain in jobs.
The Economic Development Authority voted to approve a $25,000 county contribution to the Envision Enterprise grant program, a partnership between the United Way of Greater Charlottesville, the City of Charlottesville and Albemarle County that helps small businesses access nontraditional capital.
Staff said the program launched in 2023 and, over three cycles, distributed $260,000 to 25 companies in $10,000 awards. United Way staff said participation varied by year (seven recipients in 2023, 15 in fiscal 2024 and four last year after eligibility changes) and that awardees self-reported a net increase in revenues of roughly $530,000 and a net gain of eight full-time and nine part-time positions across recipients. United Way's strategic program manager noted reporting is self-reported and that exact city/county splits would be provided on request.
Partners asked the authority to each add $25,000 so the pooled funding would replenish and expand awards for a fourth round. Members discussed whether the EDA's approval should be contingent on matching approvals by the city and United Way; counsel suggested a cleaner approach would be an amended resolution if contingency language were required. One member said adding a contingency could delay the program's timeline and preferred approval to keep the process moving.
A motion to adopt the resolution approving funding for the Envision Enterprise program was seconded and approved by roll-call.
Action taken: authorized a county $25,000 contribution to the Envision Enterprise grant pool.
