01 A Call to Action: VEDP’s Response to the Economic Challenges of COVID-19

A Call to Action: VEDP’s Response to the Economic Challenges of COVID-19

Since the beginning of the pandemic, VEDP actively supported Virginia’s COVID-19 response efforts by providing economic impact analyses to the Economic Crisis Strike Force, led by Secretary of Commerce and Trade Brian Ball, and recommending state and federal actions to offset the economic effects of social distancing guidelines. VEDP also helped address acute supply/demand mismatches of personal protective equipment (PPE) used by healthcare providers and first responders by reaching out to hundreds of Virginia companies for donations and identifying third-party expertise options to help coordinate and advise state-level PPE efforts. VEDP worked with the Virginia Small Business Financing Authority to advise on the development of the “Rebuild Virginia” recovery fund for small businesses. This fund provided grant dollars to thousands of Virginia small businesses, focusing on those who were not able to access federal support programs. The program has distributed over $145M to more than 3,000 small businesses across the Commonwealth – over 60% were women, veteran, or minority-owned.

When the more permanent effects of the pandemic became clear, VEDP took action to rapidly adjust to the new economic reality and plan for long-term impacts. As industries and supply chains started to chart a new path forward, the team responded quickly by targeting select companies within industries critical to North America’s COVID-19 response. With in-person meetings no longer possible, VEDP conducted virtual site tours with prospects. To understand the competitive landscape emerging from the pandemic, VEDP launched an effort with its regional partners that leveraged consultant support to update strategies for attracting and growing businesses.

VEDP has continued to provide briefings in frequent calls with local, regional, and state partners organized by the Virginia Economic Developers Association (VEDA); coordinated monthly calls with Virginia’s regional economic development organization (REDO) leaders; and regularly provided customized economic impact briefings to a variety of chambers of commerce and other trade associations. VEDP and its partners are collaborating on these and other efforts to accelerate Virginia’s economic recovery from COVID-19.