NDR-RISE Business Loan Fund
This activity will support innovative resiliency efforts through a business loan program. Businesses developing innovative resilient technologies may require funding to expand and diversify. Businesses with interest in developing resiliency related goods and services will be evaluated by RISE staff, board and consultants to determine if a RISE investment is viable and further cultivate the product financing and development stages. The loan program guidelines are being developed by RISE’s staff, board and consultants. These capital injections in the form of loans will help retain and create new jobs. The actual loans will be made under Grantee Activity Number 03-NDR-01.
- Open Competitions Procurement challenges will solicit individuals, teams or companies to design, build and test prototypes of resiliency technologies with a view to demonstrating capability. Key to this activity is that the resilience technologies must not be currently available. They will meet a specific set of needs set by the NDRC program that are not met by any product. Successful entries will be selected to proceed to manufacture and sale of the products for the NDRC Ohio Creek work. Testing and assembly will be done in the Hampton Roads area providing jobs in the region. Manufacturing will be done in the Hampton Roads region as long as there is the capability and resources to do so. This activity is focused on job creation. Planning activities (under 03-NDRC1) include: development of the procurement process in accordance with CDBG regulations, 2 CFR 200 regulations, marketing approach, prize description and legal materials, and prize operation procedures
This activity will provide assistance to companies developing innovative resilient technologies. This assistance may also come in the form of financial, technical, or managerial/consulting services. Financial assistance may come in the form of seeking additional financial assistance, underwriting, or direct investment of infrastructure or equipment. This activity will assess companies and provide assistance which, in turn, will help companies grow, retain and create jobs. In addition to internal technical assistance, RISE has interest in procuring the services of a public benefit corporation such as 1776, which will provide mentoring and access to global markets. Planning activities (under 03-NDR-C1) for this activity will include: assistance with programs, legal documents, company assessment and due diligence processes.
This activity will work with corporations to become involved in resilience efforts in Hampton Roads. RISE will broker needs of the cities, corporations and local businesses to ensure that the necessary relationships are established and maintained. This activity will support success of activities #03-NDR-B1, 03-NDR-B2, and 03-NDR-B3. Although this activity may not directly retain or create jobs, it will be a key component to success by assisting smaller companies in growth, manufacturing, facilities and knowledge base that may not be available to them. Planning activities for this effort will include generation of databases of eligible companies in the resilience sector, contacts and partnership structure(s). Planning will also include conversations with companies to refine materials and approaches and develop pathways forward to establish joint efforts under 03-NDR-C1.
As a result of the RISE’s efforts, there will be demand for local workforce. Jobs may range from low-skilled assembly positions, to higher-skilled manufacturing and design positions. This activity will work with local organizations to ensure there is a pipeline of suitably trained local workers to fill these needs. High school and college students will be targeted to receive training for resiliency related jobs. Planning for this activity will develop coordination with existing local workforce develop efforts, developing needs for resilience workforce and building the organization to implement the workforce development plan under 03-NDR-C1.
This activity is to support RISE's planning efforts to design the business loan program, accelerate global market Proposed budgets for organizations carrying out Activity: Activity is being carried out through: Responsible Organization Type Proposed Budget No Activity is being carried out by Grantee: Organization carrying out Activity: Coastal Community Resilience, Inc. Coastal Community Resilience, Inc. NonProfit $789,473.00 Area Benefit (Census) Benefit Report Type: Project Draw Block by HUD: Project Draw Block Date by HUD: Not Blocked 10/01/2022 by Traci Munyan 10/01/2022 by Traci Munyan Activity Draw Block by HUD: Activity Draw Block Date by HUD: Not Blocked Block Drawdown By Grantee: Not Blocked LMI percent Most Impacted and Distressed Budget: $ 0.00 47 Community Development Systems Disaster Recovery Grant Reporting System (DRGR) activity by developing a regional “living laboratory” to test innovation, and to facilitate partnerships and collaboration in the resilience and coastal adaptation fields that lead to economic growth in the Hampton Roads Region. Planning activities will be undertaken which support the implementation of the Business Loan Pool, Procurement Challenges, R&D Venture/Support, Resilience Campus, Corporate Engagement and Workforce Development activities. Attached is a planning document which describes RISE's strategic initiatives in the Hampton Roads area which reinforce the need for a regional focus for climate change solutions in the commonwealth's coastal areas.