McDonnell Signs Bill to Create Small Business Investment Grant Fund

Gov. McDonnell

Governor Bob McDonnell today signed legislation to encourage investment in Virginia’s small businesses. The legislation creates the Small Business Investment Grant Fund to incentivize eligible small business investors.

The governor was joined by the patrons of the two bills — Senator Ryan McDougle (R-Mechanicsville) and Delegate Donald Merricks (R-Chatham) — as well as small business owners, representatives from the Virginia and local chambers of commerce, representatives from the National Federation of Independent Business and members of the Business Development Caucus in the General Assembly.

“Small businesses create most of the new jobs in the Commonwealth. The legislation signed today will encourage private capital to invest in these job creating entrepreneurs,” McDonnell said. ”The Small Business Investment Grant Fund will make it easier for those eligible to invest in Virginia’s small businesses. I thank Senator McDougle and Delegate Merricks for their leadership as patrons of these important bills. As we continue to look for ways to get Virginians back to work, it will continue to be small businesses leading the way and the legislation signed today will aid them in doing what they do best: creating jobs.”

Senator McDougle said, “Small businesses are leading the Commonwealth out of the recession and creating jobs and opportunity for all Virginians. I consistently hear from small business owners that access to capital is one of the greatest barriers they face as they look to expand. This legislation will encourage investment in these entrepreneurs and help ensure that Virginia continues to be the best place in the country to start or grow a business.”

Delegate Merricks said, “Small businesses have always been the backbone of the Virginia economy and today we are taking another step towards ensuring their ability to thrive in Virginia. The bills signed today further demonstrate Virginia’s commitment to the continued growth of small businesses. By providing incentives to investors, these bills will create opportunities for future entrepreneurs and promote new ideas and businesses throughout the state.”

Today’s bill signing took place during Business Appreciation Week in the Commonwealth. This is also the “Year of the Entrepreneur” in Virginia, with events to celebrate and cultivate entrepreneurship in Virginia throughout the year.

Nicole Riley, State Director of the National Federation of Independent Business, said, “Since making job creation his number one priority, NFIB has enjoyed working with Governor McDonnell and the General Assembly to promote policies that allow Virginia’s small businesses to expand and create jobs.”