The Regional Commission provides economic development planning in the New River Valley communities and serves as the federally designated Economic Development District (EDD) for the area. The Regional Commission works alongside other regional and local organizations including the New River Valley Economic Development Alliance, New River/Mount Rogers Workforce Investment Board, Virginia’s First Regional Industrial Facilities Authority, and the New River Valley Development Corporation. Through these and other partnerships, the Commission supports efforts to expand existing businesses and help attract new businesses to the region.
In addition to partnering with regional and local economic development organizations, the Commission is also responsible for maintaining the region’s Comprehensive Economic Development Strategy (CEDS), developing a regional plan for agriculture and agritourism, and completing other local and regional economic development work. More information about the Commission’s economic development work is provided below.
The New River Valley Regional Commission provides economic development planning in the New River Valley communities and serves as the federally designated Economic Development District (EDD) for the area. The Regional Commission works alongside regional and local organizations to support efforts to expand existing businesses and help attract new businesses to the region. The Regional Commission also completes local and regional economic development projects as requested by partners.
The Regional Commission is responsible for preparing and maintaining the Regional Economic Development Strategy (RES). Formerly known as the Comprehensive Economic Development Strategy, 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.
The New River Valley Business Continuity Team (BCT) assists businesses, local governments, schools, and individuals navigate the ever-changing COVID-19 pandemic. If there are general questions, concerns, access to testing or vaccination, we are here to help! The BCT delivers wrap-around services necessary for businesses, schools, and communities to operate in the COVID and emerging post-COVID environment. The BCT works in coordination with the New River Health District-Virginia Department of Health to provide organizations and individuals with 24/7 technical assistance. Resources available include the development of a business or organization-specific continuity plan, facility health assessments and recommendations, coordination of on-site testing and vaccination, and BCT staff availability for questions as the pandemic evolves.