Petersburg Founders Fund to support Virginia based Startups and Small Businesses

The Virginia Innovation Partnership Corporation (VIPC), in collaboration with Virginia’s Secretary of Commerce & Trade and local stakeholders, has established the Petersburg Founders Fund (PFF), a new competitive grant fund, that supports the launch and growth of scalable companies in Petersburg.

Donor Name: Virginia Innovation Partnership Corporation

State: Virginia

City: Petersburg

Type of Grant: Grant

Deadline: 01/31/2023

Size of the Grant: $25,000

Details:

The Petersburg Founders Fund (PFF) is a competitive direct grant program, and VIPC will not take an equity stake in the companies. However, via the PFF, the Commonwealth will invest in the future growth of Petersburg’s economy and entrepreneurial ecosystem. Services for founders will also include mentoring, access to markets, business acceleration and incubation, introduction to potential lenders and investors, and other important benefits. The PFF will connect to and build on existing entrepreneurship programs in the City and surrounding communities.

The Foundation focuses on high-potential, early-stage Petersburg entrepreneurs or established, mature Petersburg-based companies seeking to innovate toward new operations, markets, products, and services.

Funding Information

Grants of up to $25,000 can support activities that include but are not limited to: hiring or promoting employees, customer discovery, market research, finance and accounting system upgrades, business model validation, development of prototypes or minimum viable product (MVP), customer pilots, intellectual property protection, staff development, website development and e-commerce, leasehold improvements and renovations, purchase-order fulfillment, inventory replenishment, business credit enhancement and debt repayment, purchasing new or refurbished equipment, and securing business investments or loans. Funding cannot be used for property management or real estate investment.

Eligibility Criteria

For-profit, Virginia-based companies that meet the eligibility criteria set forth below are invited to seek PFF grant funding. Eligibility criteria include:

The company is headquartered in or has a primary business address (if different than company headquarters), within the city of Petersburg, OR
The principal business owner(s) is a resident of the City of Petersburg.

And

Administrative and strategic operations are performed within Virginia.
Chartered in or duly registered to do business as a foreign entity in Virginia.
Virginia is the primary state of residence or principal office location for the businessowner.
The proposed activities are in compliance with federal and state laws.
Have an active business checking account.

Applicants should be in good standing with the Federal Government and Commonwealth of Virginia as evidenced by:

A valid Federal Tax ID number (Employer Identification Number),
A Virginia State Corporation Commission entity ID number, with “Active” status (only required for Corporations and LLCs), and
A valid, unexpired City or County business license.

Operate in one of the following targeted industries: