The Economic Development Authority (EDA) of the City of Fredericksburg acts as a catalyst for responsible economic growth that improves Fredericksburg’s quality of life. The EDA primarily receives its funding from annual fees derived from the issuance of bonds.
The EDA has the statutory authority from the Commonwealth of Virginia to provide loans, financial grants, and incentives to assist for-profit businesses, nonprofit organizations, or governmental entities in or operating within the City of Fredericksburg (22401). If the for-profit business or nonprofit organization is located outside the City of Fredericksburg (22401) it must provide specific economic impact to the City of Fredericksburg (22401).
The EDA assists for-profit businesses, nonprofit organizations, and governmental entities that undertake projects, events, or activities that significantly improve the economic vitality of the City of Fredericksburg.
For FY2024 the EDA has a set budget line item for grants of $100,000.
The EDA will review and make decisions about each application based on these criteria:
Furthermore, the EDA requires that the applicant must:
The funding for these grants is limited and may vary from year to year. Decisions on whether to grant funds and the amount of each grant is solely at the EDA’s discretion.
The applicant must submit all necessary forms and documentation prior to the EDA considering the grant request. Supporting documents must include:
Applicants should meet with designated EDA staff before submitting an application to determine applicant’s eligibility and make sure that the application is complete.
All grant applications are required to be complete and received by the designated Economic Development and Tourism staff member by the 15th of the month prior to when a presentation may or may not be made and the EDA may consider the grant at the EDA’s next regular meeting. Applications and supporting documentation will be distributed to all EDA members for their review. Final determinations will be made by the members of the EDA.
If the applicant would like to make a presentation, the presenter will have seven (7) minutes. The presentation is due on the 15th of the month prior to the next meeting.
The EDA may require applicants to come to the EDA meeting when their application is being considered to make an in-person presentation about the grant request.
All applicants must be in good standing with the State of Virginia and the City of Fredericksburg to be considered for an EDA grant, and they must remain in good standing throughout the period of the grant. No grant funds will be paid unless all applicable City permits and approvals have been issued.
The EDA will require the submission of invoices and/or proof of expenditures for elements specified in the application, and pay upon completion of individual elements of the project, event, or activity. If required, specify the items in the approved grant and include a certification that all subcontractors have been paid. The EDA strives to pay grant funds within thirty days. The EDA may choose to pay sub-contractors and vendors directly.
Should the project, event, or activity not occur, Grantee shall return all EDA paid grant funds unless the Grantee can provide sufficient documentation that the funds have been spent and are unable to be refunded, and that the cancellation was beyond the Grantee’s control.
The EDA may require Grantees to notify the EDA after all project work is completed, so that the EDA staff can review the project.
By submitting a grant application, the applicant agrees to the terms herein.
Should you have any questions, please contact Amy Peregoy, Grant Administrator, via e-mail or by calling 540.372.1216.
Please note that the EDA also provides low interest loans to small and growing businesses in the City of Fredericksburg (22401) through its InvestFXBG loan program. InvestFXBG seeks to support both new and established city businesses in critical stages of their growth. Applicants should consider whether an InvestFXBG loan better suits their needs.