Crater PDC

The Crater Planning District Commission Announces the Establishment of a New Loan Program for Small Businesses Impacted by COVID-19

 

The Crater Planning District Commission has established a Business Continuity Loan Program to assist existing for-profit small businesses to recover from the impacts of COVID-19.  The goal is to provide working capital for small businesses to retain employees and support other working capital needs.

The Business Continuity Loan can range in size from $10,000 to $50,000 and the term of the loan can be up to 1-year.  The interest rate is fixed at the prime interest rate which is currently 3.25%.

The small business must be located within the Crater Region:  Cities of Colonial Heights, Emporia, Hopewell and Petersburg; and the Counties of Charles City, Dinwiddie, Greensville, Prince George, Surry and Sussex.

The Crater Commission is looking forward to doing its part to assist the region’s many small businesses that have been severely impacted by COVID-19.

This loan program is in total accord with the Virginia Chamber of Commerce’s Blueprint for Getting Virginians Back to Work initiative.

For more detailed information, please visit the Crater Commission’s website- www.craterpdc.org.

 

Crater Planning District Commission Awarded EDA Grant

Funding will allow economic development initiatives

The U. S. Economic Development Administration (EDA) recently announced that the Crater Planning District Commission will receive a $70,000 economic development grant award to be matched with $30,000 in Commission funds, to enable the Commission to continue important economic development initiatives in the region.

The Planning District was originally designated an Economic Development District in 1985.  It’s current 2018 Comprehensive Economic Development Strategy (CEDS) identifies five focus areas that will strengthen the District’s economic base:  Technology Expansion, Workforce Development, Small Business Growth, Infrastructure Improvements and GO Virginia projects.

Commission efforts are focused on major initiatives that have come out of the CEDS planning process.

  • Logistics– Through the Commonwealth Center for Advanced Logistics Systems (CCALS), there is a collaboration among Fort Lee (Logistics Capital of the Army), five Virginia universities, the Virginia Economic Development Partnership, the Port of Virginia and logistics companies, focused upon capitalizing on the region’s excellent location, transportation network, proximity to the Port of Virginia, logistics expertise in the universities and talent at Fort Lee to position this region for growth in logistics.
  • Advanced Manufacturing/Workforce Development– The Commonwealth Center for Advanced Manufacturing (CCAM) has a workforce development component that will grow to be the Advanced Manufacturing Apprentice Academy to prepare workers for jobs in 21st century advanced manufacturing companies.  Currently CCAM is training soldiers exiting the military for in-demand jobs in advanced manufacturing.  CCAM is an applied research center that provides production-ready advance manufacturing solutions to member companies across the globe.
  • Tourism– The PDC continues to administer Petersburg Area Regional Tourism (PART), as well as support other jurisdictions pursuing initiatives to grow tourism.  According to the latest U. S. Travel Association (USTA) tourism survey results, visitor expenditures in the Crater District totaled $430 million and $364 million in the PART region. Local governments in the Planning District received $34+ million in local tax revenues from tourism and 4,300 jobs in the region are associated with tourism.  Thus, tourism spending in the region is a growing important contributor to the region’
  • Infrastructure Improvements– EDA recently announced the selection of a $3.15 million funding package to the Commonwealth Center for Advanced Manufacturing (CCAM) to support the construction of the Advanced Manufacturing Apprentice Academy (AMAA) on CCAM’s campus.  The AMAA will be a “game-changer” for the Crater region, as well as the Commonwealth, as it will deliver qualified workers with industry-directed skills and credentials for advanced manufacturing high-demand jobs in machining, welding and mechatronics.  The AMAA will also provide for the upskilling of incumbent workers who are seeking career advancement.

For additional information, visit www.craterpdc.orgor call (804) 861-1666.

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