Fifth District Community Organizations to Receive $155,000 in Technical Assistance Grants Through the Rural Investment Collaborative

In September, the Richmond Fed's Rural Investment Collaborative Steering Group convened to select community organizations to receive technical assistance grants to assist with advancing their community projects. The selected organization's leaders were graduates of the first cohort of the Rural Investment Collaborative's Community Investment Training program and were selected based on project readiness and geographic representation.

A number of strong applications were received, and eleven organizations were awarded a total of $155,000 in technical assistance. The selected organizations represent small town and rural communities across the Fifth District within Maryland, North and South Carolina, Virginia and West Virginia. Awarded funds will primarily be used to further business plan development, and engineering and architectural studies for the various community projects.

The Community Investment Training program is a 16-week course that equips rural leaders with the knowledge, skills, and confidence to produce a viable community or economic development proposal. The Richmond Fed partners with Invest Appalachia, which provides the core curriculum for the training. Training sessions provide guidance to participants on how to effectively match capital funding sources to their projects based on community impact, risk, and repayment ability.

To date, $191,000 has been awarded in mini-grants and direct technical assistance through the Rural Investment Collaborative and is provided by Rural Investment Collaborative philanthropic partner organizations. Additionally, through their participation in the training cohort, community organizations have received over $100,000 in outside technical assistance.

The second cohort of the Community Investment Training program begins in January 2025 and 25 community leaders will participate. Their proposed projects span a variety of focus areas, including supportive workforce and transitional housing, enhancement of mental health services facilities, business incubator development and repurposing vacant properties for community revitalization.

Learn more about the Rural Investment Collaborative here.

The Richmond Fed does not fund or otherwise award grants, participate in the selection of grantees or selection of communities receiving training or technical assistance.