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Senator Webb Announces $800,000 for Floyd County Economic Development

Press Release

Location: Washington, DC

Senator Jim Webb today announced an $800,000 grant for the Economic Development Authority (EDA) of Floyd County from the U.S. Department of Commerce's Economic Development Administration. Senator Webb wrote to the Economic Development Administration's regional director on September 13, 2011, in support of the grant application.
The grant supports construction of a new mixed-use Innovation Center in the Floyd Regional Commerce Center. The facility will provide shovel-ready space to help expand high-tech industries, such as biomedical and biotechnical companies, in the New River Valley.

"This award for the Economic Development Authority of Floyd County will help boost job creation and private investment in the area," said Senator Webb. "I will continue to support investment in projects that strengthen the economy and communities of Southside and Southwest Virginia, which have faced some of the greatest economic challenges in the nation during the recession."

The grant will assist in funding the 10,000 square foot building, which will be a multi-tenant facility that includes four spaces for clean-room work, including product development and commercial production.

The Floyd County EDA has also applied for an Appalachian Regional Commission (ARC) grant to pay for clean-room equipment for the facility. Senator Webb sent a letter of support to the ARC for that request in September 2011.

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