The City of Richmond, along with several partners, has been recognized by the International Economic Development Council (IEDC) with a 2025 Excellence in Economic Development Gold Award for its efforts to support small businesses affected by a water outage earlier this year. The award was given specifically in the “Recovery, Resiliency, and Mitigation” category.
The Small Business Recovery Grant Fund was created as a public-private partnership and funded by the City’s Economic Development Authority (EDA), Dominion Energy, and Altria. The Metropolitan Business League (MBL) and Bridging Virginia administered the fund. It was established to assist local businesses that experienced difficulties due to the water outage.
“This year’s water outage created very real hardships for business owners and employees across Richmond, many of which are still being felt today,” said Mayor Danny Avula. “The resulting grant program was designed to provide a measure of meaningful relief in a time of need and, importantly, to show our business owners that they are supported and valued. This recognition is a testament to the Richmond community, to the power of partnership, and to the compassion which compels every Richmonder to lift up their neighbors in times of need.”
IEDC annually honors projects that demonstrate impact, innovation, and leadership in economic development practice.
“Small businesses are the backbone of Richmond’s economy, and we’re honored to work with the City of Richmond to offer a helping hand in times of adversity,” said Ed Baine, President of Dominion Energy Virginia. “This award is a testament to the ability of public-private partnerships to solve important problems.”
A total investment of $500,000 from EDA, Dominion Energy, and Altria supported the fund. After review by both public and private sector partners, grants worth $2,500 or $5,000 were awarded to 117 small businesses—covering nearly 85% of eligible applicants.
The City acknowledged MBL and Bridging Virginia for their role in managing the grant process efficiently.
“The MBL values our partnership with the City of Richmond and is honored to have contributed to the water relief project,” said Floyd E. Miller II, MBL President & CEO. “Through innovative initiatives and strong collaboration, we remain committed to providing financial resources during challenging times, while continuing to support local minority-owned businesses.”
“We know that equitable access to capital is essential – not only to recover from crisis but to sustain and strengthen the small businesses that anchor our communities, care for our neighborhoods, and continue to move our city forward,” said Melody Short, Director of Business and Community Engagement at Bridging Virginia.
“This recognition belongs to Richmond’s small business owners,” said EDA Board of Directors Chair Nupa Agarwal Esq. “Your resilience creativity and determination inspire us daily. The City of Richmond and the EDA remain committed to standing with you through challenges and successes because when our small businesses thrive our entire community thrives.”
More information about this recognition can be found on the IEDC website. Additional details about efforts toward water resiliency are available at rva.gov.
