WASHINGTON— U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced today that Culpeper Renaissance, Inc. (CRI) will receive $75,000 in federal funds from the U.S. Department of Agriculture (USDA) to assist small or emerging businesses in the Historic Downtown District in Culpeper, Va. CRI plans to use this funding to set up a financing mechanism that will allow local businesses to leverage loans that will help develop and expand their businesses.
“We are pleased these federal funds will give local businesses in Culpeper the ability to expand, innovate, and invest in their own community,” said the Senators. “We look forward to continuing to support the work local entities are doing to revitalize the Culpeper downtown region and spur business investment that will benefit the local economy.”
Designated in 1988, Culpeper Renaissance, Inc. (CRI) is a member of the Virginia Main Street program. The Main Street program was organized by the National Trust for Historic Preservation to help revitalize the economic vitality of downtown commercial districts. The funds provided by CRI will be used for the acquisition and development of land, easements, and rights-of-way, loans for startup operating costs, and working capital, and other business needs. This project has a total cost of $90,000, with $15,000 provided by the local organization while the rest is being covered by USDA through this grant.
The USDA Rural Business Development Grant Program is designed to support targeted technical assistance, training, and other activities leading to the development or expansion of small and emerging private businesses in rural areas. Sens. Warner and Kaine have long fought for increased funding to help support rural communities, most recently voting in support of legislation that provided funding for this federal program.