WASHINGTON, D.C. – Today, U.S. Senators Mark Warner and Tim Kaine announced $300,000 for Southside Business Technology Center, Inc. in Danville, a group that funds local entrepreneurs to support start-up companies. This money will support the Launch Place Seed Fund2, a non-profit that is working to diversify the Dan River region’s economy through entrepreneurship. The goal of the project is to support the region’s transition to an economy that recruits, retains, and develops start-up businesses and supports expansions.
“We’re thrilled to announce funding to drive start-up creation in Danville. These dollars will help create innovative jobs in the region and stimulate growth by diversifying the local economy,” the Senators said.
This funding was awarded through the U.S. Department of Commerce’s Economic Development Administration’s Seed Fund Support Grants. The Trump Administration’s fiscal year 2018 budget proposed to eliminate funding for the Economic Development Administration. Following a letter from Warner and Kaine to the Senate Appropriations Committee, Congress rejected this proposal.