Small Business Resource Guide now available

The Department of Housing and Community Development (DHCD) has developed a Small Business Resource Guide that provides information on many of the items that new or expanding small businesses and entrepreneurs need. This includes financing programs, grant programs, business development resources and training opportunities, as well as university entrepreneurship programs that are available to the public.

The guide is a living document, so it will be updated often as new programs and resources become available or we are made aware of appropriate available resources. The guide can be found on the Resources and Reports page of the Virginia Main Street blog, or click here for a copy.

If you know of a great resource – federal, state, regional or local – that should be added, please let us know!

Fostering Successful Businesses in Your Community

How can Main Street organizations create a supportive, business-friendly community? 

What are the elements of a community that make it viable to attract business and expansion for the existing ones? 

And what are the trends that best produce the desired entrepreneurial advancement? 

These are some of the questions driving Entrepreneurial Ecosystems in Appalachia, a recently published suite of research reports and resources supporting entrepreneurial ecosystem development in Appalachia. However, the findings are beneficial to more than the southwest corner of Virginia. They are broadly applicable to encourage entrepreneurship and increase the probability of a successful business in your community, too.

The report makes clear that the development and maintenance of robust regional entrepreneurial ecosystems involves a complex mix of culture, history, markets, policy and environmental factors.  Referenced in the report, the Kauffman Foundation has developed “Seven Design Principles for Building Entrepreneurial Ecosystems” that provide excellent guidance and actionable ideas to support the ecosystem:

  1. Put Entrepreneurs Front and Center: Effective ecosystems are led “by and for” entrepreneurs.
  2. Foster Conversations: Effective ecosystems engage multiple partners in conversations that are focused on hope and action.
  3. Enlist Collaborators. Everyone is invited: Effective ecosystems engage partners from all walks of life, multiple disciplines and multiple sectors.
  4. Live the Values: Effective ecosystems do not have a “leader.” They are built on an invisible social contract of shared values.
  5. Connect people bottom-up, top-down, outside-in: Effective ecosystems bridge social boundaries and build tribes of trust.
  6. Tell a Community’s Authentic Story: Effective ecosystems champion role models and create stories out of strength.
  7. Start, be patient: Effective ecosystems take time to build.

The report is part of a larger project entitled Entrepreneurial Ecosystems in Appalachia. Additional project materials can be accessed at www.arc.gov, as well as the project’s website: http://arceco.creconline.org.

For a Main Street-focused guide, check out Main Street America’s Entrepreneurial Ecosystems and the Role of Commercial Districts >>

Autonomous Transit Shuttle Service to Launch in Crozet

The Downtown Crozet Initiative, a DHCD Commercial District Affiliate community organization, is embracing cutting-edge technology to help make visiting downtown a convenient, zero-emission experience, shuttling customers from a parking area into the commercial core.  While it may sound more Jetsons than Main Street, this is the real deal.

Crozet’s Perrone Robotics, Inc., JAUNT, Inc. and Albemarle County just announced a partnership to develop, test and operate the autonomous transit shuttle service pilot. The pilot program will start March 2019 in Crozet with hopes to expand toward Charlottesville, allowing riders to embark and disembark along a fixed route.

Albemarle County Board of Supervisors Chair Ann Mallek shared, “Albemarle County has long supported vibrant communities, and an autonomous, zero-emission transit service brings the promise of reduced parking needs and greater use of green technologies in our urban centers – allowing our community to continue to flourish into the future.”

This is one customer-oriented innovation to watch.  Learn more >>>

The District Digest Vol. 4 – Downtown Ideas to Put to Work

While you were busy making a difference in your hometown, you might have missed these thought-provoking reads.  Attraction, expansion and retention of businesses for your Main Street district is vital. It is also one of the most difficult things for a community to successfully accomplish. It takes hard work, planning and follow-through. Here is a dose of inspiration and education:

  1. Retention and Attraction Strategies for a Balanced Retail Sector – National League of Cities
  2. Chicago Proposes Experiment with Pop-up Urbanism – The Architects Newspaper
  3. Creative Uses for Buildings in Small Towns – University of Wisconsin Extension
  4. What’s in a Name? The Different Types of Shared Work Spaces – Virginia Main Street
  5. Incubators: Hatching Ideas into Business – Virginia Main Street
  6. Accelerators: Taking Businesses to the Next Level – Virginia Main Street

New Report Shows Historic Tax Credits Boost Virginia’s Economy

During an annual legislative reception hosted last week, First Lady Pam Northam highlighted the findings of two just-completed studies showing the sustained and substantial contribution that historic preservation makes to Virginia’s economy, specifically through the state and federal historic rehabilitation tax credits (HRTCs)

One study, conducted by the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University, found that much of the $4.5 billion in private investment would have gone untapped without the incentive of the state’s tax credit being available to property owners, developers, and entrepreneurs. Preservation Virginia’s study examines the impact of the federal Historic Tax Credits (HTC) on Virginia’s economy, finding that the program resulted in $467 million in economic output, supported 9,960 jobs and generated $3.50 for every $1 invested through the first three years.

“These studies clearly demonstrate the sustained and substantial contribution that preservation makes to Virginia’s economy,” said First Lady Pamela Northam. “The Governor and I applaud the Department of Historic Resources and Preservation Virginia for caring for our rich past and preparing us for an amazing future.”

Conducted on behalf of the Virginia Department of Historic Resources, the VCU study analyzed the overall impact of the state’s HRTC program from its inception in 1997 through 2017, its twentieth anniversary. During those two decades, according to VCU’s Wilder School, the HRTC program issued $1.2 billion in tax credits and leveraged $4.5 billion in private investment.

Virginia Main Street and Department of Housing and Community Development have always known that our historic resources are great investments!

Find an executive summary from the Wilder School study here.

Believe in Bristol

Tax Reform and Downtown Rehabilitation

From South Boston to Winchester, St. Paul to Norfolk, many of our Virginia communities have seen significant revitalization as a result of the Federal Historic Tax Credits (HTC). In many cases, if not most cases, rehabilitation of historic structures counts on this funding to make those projects work – and the credits are slated for elimination in the Tax Reform proposal under consideration.

Masonic Theatre, Clifton Forge, VA

The rehabilitation, re-use, and preservation of Virginia’s historic buildings is good for the commonwealth’s economy, according to a recent study conducted by Virginia Commonwealth University.  During a 17-year period, nearly $1 billion in tax credits leveraged almost $3 billion in private investment, resulting in the reuse of 2,375 buildings, ranging from warehouses, hotels, and theaters.

Where do you go for more, so you can put this economic development tool to good use?  Let me introduce you to your partners:

Here are your administrative partners.  While the National Park Service ultimately approves the federal Historic Tax Credit, the Virginia Department of Historic Resources (DHR) acts as the “gatekeeper”, administering both the federal and state tax credit programs. All applications go through DHR first and they also provide technical assistance.

Here are your advocacy partners. The National Trust for Historic Preservation and its subsidiary the National Main Street Center, a proven leader of preservation-based economic development, both work to educate national and local community leaders about its value. Your local preservation advocacy partner, Preservation Virginia, promotes this development tool, too.

Rehabilitated Masonic Theatre, Clifton Forge, VA

Five Things your Economic Vitality Committee can do Today to Support Downtown

In my Virginia Main Street wanderings and conversations with directors I’ve been hearing a common refrain – “What should our Economic Vitality committee be doing?” A thought provoking question that I am sure goes unasked more often than asked. As fate would have it I recently participated in a Hillary Greenberg webinar on supporting small businesses that provided me with a “lightbulb” moment. Sometimes our boards and committees get caught up in thinking big and miss some of the small, every day, right-in-front-of-your-nose kinds of things that could yield big results for the district.

    1. Is your downtown business friendly? The EV committee can review municipal codes, fees, permit processes and timelines – anything that pertains to establishing or growing a business in the Main Street district. Identify anything that would be a detriment to starting a business or fixing a building then work with the municipality on a making the code friendlier to small business.
    2. Help new businesses navigate the permit process. Now that the EV committee has a thorough understanding of all of the local hoops to jump through to open a business downtown, turn that information into a step-by-step guide for new business owners.
    3. Survey retailers and business owners. In person, with a flyer, online – ask the questions. What would help you to improve your business? Have some check boxes –
      • website development?
      • access to capital?
      • cooperative advertising?
      • loan pool?
      • new signage?
    4. Hold Retailer Round Tables. Use those survey responses to generate topics! One month bring in a marketing guru to discuss website content. The next month (or quarter) have the Promotions committee members come to talk about, and get feedback on, upcoming retailing events. Bring in an accountant to give a Quickbooks lesson. Respond to the retailer’s needs to help them grow their businesses.
    5. Create a Mentorship Network. Every district has those retailers and restaurateurs who are knocking it out of the park. Set up a network of successful business owners to work one-on-one with those that are struggling.

 

This is by no means an exhaustive list, but they are ideas that can be quickly assigned and implemented by a motivated EV committee that can make a real difference on the ground.

Does your EV committee do something innovative to improve downtown? We want to hear about it!