EDA Approves $100K in Grants for Eight Organizations

by | Oct 25, 2015 | Business

FredXchange President Christine Goodwin speaking at the group’s Friday gathering known as Open Coffee.

By Susan Larson

Fredericksburg’s Economic Development Authority on April 13 pledged nearly $100,000 toward eight different businesses, events and initiatives in the city.

FXBG Startup Launchpad

The largest grant of $50,000 went to FredXchange to fund the creation of FXBG Startup Launchpad, a co-working and event space geared toward entrepreneurs. “The EDA has long expressed support for FredXchange’s plans for a co-working and business incubator space as a way to encourage local entrepreneurial activity,” said Bill Freehling, assistant director for economic development.

FredXchange President Christine Goodwin told the EDA the group plans to lease a 2,300-square-foot space at 2324 Plank Rd in the Gateway Village Shopping Center. There, the organization would hold events, provide entrepreneurs with flexible co-working space and initiate educational and mentoring opportunities for startups.

“The EDA’s pledge would help FredXchange cover first-year expenses associated with the FXBG Startup Launchpad,” Freehling said. FredXchange would receive EDA funds after signing a lease and obtaining an occupancy permit, zoning approval and business license.

Editor’s Note: FredXchange board members are the guests April 17 on “Town Talk.” Listen live on your radio at News Talk 1230 AM or live streaming online.

Seven Additional Grants

The EDA approved grants seven additional grants totaling $49,768.

– Sugar Shack Donuts, $15,000 for exterior improvements at the company’s planned new location at 801 William St.

– The Fredericksburg Area Museum & Cultural Center, $10,000 toward the planned “Sounds of Summer” concert series between June 5 and September 4 in Market Square.

– Celebrate Virginia Live, $7,500 reimbursement of costs associated with providing police and fire/EMS protection during the 2015 season.

– Downtown Greens Inc., $7,268 for a mural planned by local artist Bill Harris on the side of the organization’s headquarters at 206 Charles St.

– Mercantile, $4,000 for façade improvements to the building at 205 William St., where Joy Crump and Beth Black (owners of FoodE on Caroline Street) plan to soon open their second downtown restaurant. Editor’s Note: Joy and Beth are the guests April 20 on “Town Talk.” Listen live on your radio at News Talk 1230 AM or live streaming online.

– Fraser Wood Elements, $3,000 for façade improvements at the business’ downtown location at 820 Caroline St.

– Washington Heritage Museums, $3,000 toward the organization’s planned September 12 celebration of the 125th anniversary of the saving of the Mary Washington House at 1200 Charles St.

Applications are due June 1 for the Fredericksburg EDA’s next grant cycle. The EDA does not receive taxpayer funds, but rather receives fees from organizations that issue tax-exempt bonds through the authority.

Related Stories

Local Company Wins National Startup Showcase

FredXchange: Building a Startup Community in the Fredericksburg Region

FoodE Wins Virginia Culinary Challenge

Sugar Shack Donuts Opening in Fredericksburg

FAMCC Suspending Operations to Face Financial Troubles

Fredericksburg’s Entrepreneurs of 2014

Fraser Wood Elements Opens Downtown

Entrepreneurship, Broadband, Collaboration Key to Regional Economic Growth

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