The Regional Commission provides economic development planning for New River Valley communities and serves as the federally designated Economic Development District (EDD) for the region. The Regional Commission works alongside other regional and local organizations including the Onward NRV, New River/Mount Rogers Workforce Development Board, and Virginia’s First Regional Industrial Facilities Authority. Through these and other partnerships, the Commission supports efforts to expand existing businesses and help attract new businesses to the region.
The Regional Commission is responsible for preparing and maintaining the Regional Economic Strategy (RES). Also known as the Comprehensive Economic Development Strategy (CEDS), the RES is a planning document used to broadly inform economic development activities in the region. Each year the RES is updated by staff with significant contributions by a committee of public and private sector representatives appointed by the Regional Commission. The RES contains an analysis of the economic status of the region, goals and objectives related to economic development, and most importantly, and projects identified by local governments. The Regional Commission reviews and approves the planning document annually. The document qualifies the region for funding assistance from the US Department of Commerce-Economic Development Administration (EDA).
The New River Valley Revolving Loan Fund helps eligible small businesses finance projects that support startup, growth, expansion, and new investment in the New River Valley.
Financing for your next business investment
RLF financing can support eligible costs:
- Equipment and other capital purchases
- Business expansion
- Startup costs
- Other eligible costs tied to starting or growing a business
What makes the RLF different?
The RLF can finance up to 90% of eligible project costs, helping businesses move projects forward when additional financing is needed.
There is no set minimum credit score. Credit history is considered, but applications are evaluated based on the overall business and project, including:
- A strong business plan
- Ability to repay the loan
- Adequate collateral
- The business’s investment in the project
- Overall financing need and project feasibility
Loans are typically in the $10,000–$25,000 range and are offered at low interest rates. RLF financing can help businesses access funding that may not otherwise be available or help leverage other traditional financing.
If you have a business project in mind, start by telling us what you want to do, what the financing would support, and where you are in the process. We can help you determine whether the RLF may be a good fit before you move through the full application process.
Have a project in mind? Start here.
Revolving Loan Fund Information (pdf)
Revolving Loan Fund Application (pdf)
The Regional Commission administers the fund with oversight from a committee of public and private-sector representatives responsible for program guidelines, loan approvals, and impact.
The Regional Commission partners with local communities, the Appalachian Regional Commission, the Economic Development Administration, and the Virginia Department of Housing and Economic Development to increase accessibility and expand/improve public infrastructure where it is needed most in the region. The Regional Commission has a half-dozen employees who each have over 15 years of grant writing and administration experience.
Over the last 50 years, the Regional Commission has assisted residents and businesses receive new or improved access to public water and sewer infrastructure. In 2004, the Regional Commission completed the first regional plan for broadband. Since that time, the organization has been successful in securing over $75M in grant funds to deploy fiber internet throughout the region. The Regional Commission stands ready to assist your community with its next public infrastructure project.
