Virginia Main Street (VMS) has been selected – as one of two coordinating programs out of 24 applicants – to participate in the Unlocking Capital on Main Street program, a new national initiative led by Main Street America and funded by the Robert Wood Johnson Foundation (RWJF). This prestigious opportunity empowers communities to build stronger, more equitable local economies by expanding access to investment capital and fostering vibrant, healthy downtowns.
Launched in January 2025, the 15-month program supports state Coordinating Programs and local Main Street organizations in strengthening community investment ecosystems, with a focus on small-to-mid-size cities. Through technical assistance, cohort learning, and targeted grant funding, the program helps participating communities implement the Center for Community Investment’s Capital Absorption Framework. This approach guides local leaders in articulating shared priorities, developing investable project pipelines, and improving conditions that attract and support investment.
Virginia Main Street was selected based on its proven capacity, track record of community investment, and commitment to inclusive economic development. As part of the program, VMS nominated three local Main Street communities to participate as sub-grantees: Danville, Lynchburg, and Roanoke. Each community will receive $70,000 in capacity-building funding and have access to additional technical assistance and potential pre-development capital to advance local revitalization efforts.
Danville | River District Association
The River District Association (RDA) in Danville will use the program to offer targeted capacity-building grants to local businesses and explore opportunities for public-private development partnerships. Building on five years of sustained growth, RDA will support business retention and expansion, shared ownership models, and philanthropic efforts—further embedding the Capital Absorption Framework into the district’s economic strategy.
Lynchburg | Downtown Lynchburg Association
Downtown Lynchburg Association will focus on reducing storefront vacancies by strengthening the local investment ecosystem for real estate development and small business growth. By implementing the Capital Absorption Framework, the organization will convert underutilized buildings into multi-use spaces, creating a pipeline of investable projects that support Lynchburg’s vision of becoming the region’s premier food, culture, and entertainment destination.
Roanoke | Roanoke Main Street Mosaic
Roanoke Main Street Mosaic will leverage the program to provide capacity-building grants to businesses across five key neighborhoods: Gainsboro, 11th Street NW, Melrose @ 24th, West End, and 9th Street SE. Their initiative emphasizes affordable housing, shared ownership opportunities, and community-driven investment. By applying the Capital Absorption Framework, the program will spur economic growth and attract capital to Roanoke’s underutilized neighborhood business districts.
“This program gives Main Street organizations a pivotal role in shaping their communities’ future. It empowers local leaders to steer investment decisions, aligning funding with community priorities, and reducing reliance on outside investors to foster equitable and sustainable growth.”
– Luke Hallowell, Senior Manager of Capital Absorption at Main Street America
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