Small Business &

Economic Development

Entrepreneurship is not a solo sport. The Economic Development Authority is charged with understanding the city's market conditions and needs. From peer-to-peer learning and business coaching, Richmond’s EDA should be a one-stop shop for entrepreneurs to learn, network, grow, and succeed.

Identify Opportunities for Business Development

My goal as mayor is a “zero barrier entry” to doing business in the City of Richmond, especially for SWaM businesses. To compete within the region, the EDA and City must recruit and engage business owners on an ongoing basis, not just in the context of large-scale development projects, and certainly not at the end of the planning process. Such opportunities may lead to new projects for the creative class, partnerships with tech companies to deliver reduced rates on software, and increased tourism.

Create a Small Business Portal

Opening a business in Richmond may involve many steps, but my administration will simplify the process by providing a web portal of resources for small businesses. Everything from permitting, applications, incentives, taxes, funding opportunities, and even free marketing courses is in one place. Business owners should not be faced with more obstacles to starting and scaling up their businesses.

Set Favorable Terms

Navigating start-up costs, leasing agreements, and initial overhead expenditures can be daunting and become very costly if there are delays. The EDA will advocate with you during negotiations to obtain favorable terms, payments, and interest rates to help you have a longer runway to get your business off the ground.

Build an Infrastructure of Support and Solidarity

Create a cooperative development center to provide technical assistance to local entrepreneurs and workers who want to create a new employee-owned business, or transition their existing business to an employee-owned business. Examples include Afterglow Coffee Cooperative located in Richmond, and a larger industrial cooperative like Mondragon Corporation in Spain.

The reality is that many small businesses want to scale up but lack access to funding and one-on-one support. Plus, they have to deal with loads of administrative paperwork. City Hall should be a partner, not a barrier, to doing business in Richmond.

Reduce Tax Burden

Richmond’s businesses pay triple the tax rate than Chesterfield and Henrico. In my first budget as mayor, I will raise the Business, Professional, and Occupational License (BPOL) threshold to $1,000,000 and decrease the current BPOL tax rate ($0.58/$100) until it matches the regional rate of ($0.20/$100).

Chesterfield, Henrico and Richmonds budget broken down

Expand Revolving Loan Fund

During my time on City Council, I created a Revolving Loan Fund of $1.5 million to support small businesses, entrepreneurs, and nonprofits. As mayor, I will expand this investment with favorable terms to stimulate the local economy and promote job growth.

Lower Barrier to New Development Projects

Local businesses should anchor any new development. In my administration, the City will specifically invest in mixed-use developments with the goal of lowering barriers to entry for small Black and Brown-owned businesses to open and grow in new and expanded commercial corridors.

Richmond should be an easy place to open, run, or grow a business. To achieve that goal, City Hall cannot be an obstacle to success.

Outdated technological systems prevent City Hall from having accurate and updated records, seamless communication, and an online system to easily process applications and payments. Look at the ongoing meals tax issue as an example.

Prioritize Online Services and Payments

As mayor, I’m prioritizing technological upgrades for the City of Richmond, including our internal systems, public-facing operations, and online services for paying taxes, submitting permits, renewing business licenses, and submitting service requests. We should make it as easy as possible for residents and businesses to pay the City for bills, taxes, and other payments.

Streamline Small Business Licensing and Permitting

Opening a business in Richmond should be simple and painless. There should be an online portal that directs inquisitive entrepreneurs through the process of opening a business step-by-step with online forms and advice on permissible uses of potential spaces. With help from the Economic Department Authority, applying for and renewing a business license will be available online in my administration.

SWaM businesses need more starter capital to launch their companies and continue to face challenges over time due to limited access to revenue partnerships. This ultimately hinders their ability to scale up with staffing, technology, and equipment. It’s stifling our ability as a city to boost economic growth.

Modular Procurement

The procurement process is an opportunity to invest in SWaM-certified businesses and create a point of entry for companies of all sizes to win city contracts. Breaking up large and complex procurements into smaller, manageable projects provides additional opportunities to compete and do business with the city.

Artistic and cultural creativity drives our entertainment, dining and retail experiences, goods and services, and neighborhood spaces. We have incredible creatives in Richmond – from artists, filmmakers, musicians, dancers, designers, architects, and even advertisers – who advance economic growth in the city. Whether it’s freelancers, small businesses, nonprofits, or cultural institutions, we have a role in creating pathways for artists and creative workers through infrastructure, workforce development, cultural heritage, and education efforts.

Leverage the EDA to direct funding and resources towards creative-centric businesses, and incorporate creative work into projects like festivals, performances, and public art.

Provide support through the public procurement of works and services for public initiatives like art installations, public service campaigns, tourism promotion, branding, and information sharing.
Repurpose abandoned and underutilized buildings to deliver the space and infrastructure for workplaces, event venues, and facilities that accommodate creative activities and will sustain these industries.
Transform streets, parks, and community centers into temporary spaces for flea markets, festivals, exhibition spaces, and performance stages.
Diversify tourism demand by collaborating with artists and creative industries to help attract new talent, aid in image building, and create an atmosphere that draws visitors.

Small businesses are an economic engine for Richmond’s economy. But workers are the engines powering small businesses. To have a thriving economy, we need a healthy workforce with access to care, affordable housing, education, and training. The future of work includes RPS students, university graduates, and individuals looking to advance or even transition in their careers.

Build a Southside Workforce Development Center

One of my top funding priorities will be repurposing city-owned assets to create transformational opportunities. For example, I will create a new Workforce Development Center in Southside to provide union-led training and apprenticeship programs to elevate new career pathways for RPS students and others looking to gain new skills. By partnering with our community colleges, local employers, and our local unions, we’ll be able to provide the space, equipment, and resources to build skills for our current and future workforce.

Establish a Health Insurance Purchasing Cooperative

Small businesses with fewer employees find it challenging to manage the costs of employer-sponsored health insurance. In fact, only one in four Black business owners has health insurance.

As mayor, I will convene health insurance providers in our region, the Chamber of Commerce, and the Metropolitan Business League to create and invest in a Health Insurance Purchasing Cooperative to ensure small business employees and their families have access to affordable healthcare options. Without a healthy workforce, we do not have a healthy economy.

Expand child care access

Parents rely on child care to remain in the workforce, pursue further education, and care for loved ones. Without a robust and stable system that works for everyone — including children, parents, and providers—our economy and communities will suffer. My administration will prioritize increasing affordable child care options across the city in partnership with the Office of Children and Families.

Focus on Care and Climate Workforce

Right now, the fastest-growing workforce in the country is the care workforce, whether caring for children, aging family members, or someone with a chronic illness or disability. Our energy-efficient future as a city will also require experienced electricians, welders, foresters, and solar installation professionals. When I'm mayor, these careers will be seen as viable, first-choice careers.

Close the gaps

As a city, we must remove language and cultural barriers and increase everyone's access to careers, focusing on connectivity, mobility, and whole-person support. Learning isn’t limited to RPS students. Adult learning is also critical, and we must do so in a way that reaches everyone. That includes providing ASL interpretation and creating opportunities for those formerly incarcerated and individuals with disabilities.

Thousands of Richmonders participated in creating our city’s strategic vision in RVA Green 2050, Richmond 300, and Richmond Connects. I plan to deliver on these plans as mayor. Together, we made a plan for Richmond’s future and together we can create new job centers, housing for our new neighbors, and generate much-needed new revenues to improve neighborhoods and affordability for our existing residents.

Align priority growth nodes with pre-defined Neighborhood Improvement Districts to capture new real estate revenues to invest in our aging school buildings, install and repair sidewalks, and to preserve and create housing options for our residents.

Prepare growth nodes with forward-looking zoning and streamlined permitting to encourage vibrancy and safety in distressed neighborhoods.
Revitalize vacant storefronts and improve its surrounding infrastructure by building and repairing sidewalks, adding street lighting and trash bins, and planting and maintaining street trees.

Develop Community Benefits Agreements to invest funds from new development into affordable housing, jobs, schools, and public amenities that will help generate community wealth.