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 Regional Commission currently operates a regional revolving loan fund that supports the start-up and expansion of local, small businesses. The Regional Commission appoints a committee of public and private sector representatives to oversee the program’s guidelines, loan approvals, and impact. Loan funds can be used to finance expansions, capital purchases, or startup costs. These loans, typically in the $10,000- $25,000 range, are offered at low-interest rates which enable businesses to get funds that might not otherwise be available or to help leverage other more traditional financing options. Loans will be offered to qualifying businesses that complete a pre-application and are approved through a formal application process.
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.
