During 2020, the Prince William County Department of Economic Development shifted focus to economic stabilization and recovery, while simultaneously executing its planned work program. The Department's achievements include the completion of 40 projects, expected to add $2.4 billion in capital investment and 1,531 new jobs to the County.
With 29 new business attractions, eight business expansions and three business retentions, approximately 99% of the new jobs are in industry sectors targeted by the County, including life sciences and biotechnology, IT, data centers, advanced manufacturing, federal contracting and distribution.
The County established a multipronged framework of grant and incentive programs to provide relief to its business community during the COVID-19 pandemic, particularly small businesses and displaced workers. The Prince William Board of County Supervisors appropriated $16 million of CARES Act and economic development funds to establish programs, including, but not limited to, the following:
- Capital Infrastructure and Innovation Grant – provided funding up to $200,000 per business for 127 businesses that needed to make physical improvements to adhere to health and safety guidelines to operate safely or to make capital investments in innovative business models.
- Small Business Relief Micro-Grant – provided grant assistance totaling $4.7 million to 640 businesses that experienced a loss in revenue.
- ELEVATE – provided no-cost employment assistance to 188 residents and 59 businesses in collaboration with Virginia Career Works.
- Small Business Technical Assistance Program – provided business counseling to 57 small businesses that needed one-on-one technical assistance.