Harvest Foundation Economic Development Incentive Pool
Funding Amount
$5,000,000
Deadline
Rolling / Open
Grant Type
foundation
Overview
Harvest Foundation Economic Development Incentive Pool
Funder: The Harvest Foundation
Geographic Scope: Henry County and City of Martinsville, Virginia
Purpose: Fund economic development initiatives including creation of new industry, job growth, and expansion of existing businesses through a case-by-case grant program.
- Total Pool: $5,000,000 (initial)
- Distribution: Case-by-case basis
- Type: Grants for economic development projects
- Decision Authority: Municipalities and Harvest Foundation Board of Directors
Funding Overview
- New business development that expands tax base
- Existing business expansion
- Job creation initiatives
- Industrial facility development
- Commercial real estate projects with measurable economic impact
- Infrastructure projects supporting economic development
Eligible Projects
- Capital investments
- Facility development
- Equipment and infrastructure
- Projects generating higher-paying, living-wage careers
- Advanced manufacturing industry projects
- Technical trades development
What They Fund
- Projects not expanding tax base
- Non-business development initiatives
- Projects failing to meet performance criteria
What They Don't Fund
- Each project evaluated on merit
- Individual timelines for performance criteria established
- Payback requirements if criteria not met
- Grant funds tied to measurable economic outcomes
Performance Criteria
- Announced August 1, 2019
- Part of broader Harvest Foundation economic development strategy
- Complements other incentive programs
- Designed to enhance competitiveness in recruiting business and industry
- Works alongside local tax incentives and workforce development
Background
- Address: 191 Fayette St., Third Floor, PO Box 631, Martinsville, Virginia 24114
- Phone: (276) 403-5940
- Website: yesmartinsville.com
Contact Information
Martinsville-Henry County Economic Development CorporationHarvest Foundation
How to Apply
Application Process
1. Project Identification
- Partner organization (municipality or EDC) identifies potential project
- Preliminary assessment of eligibility and economic impact
2. Project Development
- Define project scope and timeline
- Identify performance criteria
- Establish measurable outcomes (job creation, tax base expansion, etc.)
- Develop financial projections
3. Application Submission
- Submit to local municipality or Martinsville-Henry County EDC
- Include project plan and economic impact analysis
- Outline funding request amount
- Define performance metrics and timeline
4. Review and Approval
- Local municipality evaluation
- Harvest Foundation Board of Directors review
- Board vote on fund disbursement
- Project description and goals
- Economic impact projections - Job creation numbers - Tax base expansion estimates - Private investment leverage
- Timeline for implementation
- Performance criteria and metrics
- Terms and conditions for potential payback
- Evidence of project viability
Required Information
- Potential tax base expansion
- Job creation (quality and quantity)
- Capital investment amount
- Project feasibility and timeline
- Long-term economic impact
- Fit with regional economic development priorities
Evaluation Criteria
Focus Areas & Funding Uses
Fields of Work
Categories
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