The GO Virginia Board made significant strides in disaster recovery during its December 10 meeting, approving a new initiative aimed at helping businesses impacted by Hurricane Helene. The board has allocated $1.5 million from the GO Virginia competitive fund to establish the Helene Business Recovery Initiative, which will support regions hardest hit by the hurricane.

This initiative is designed to assist businesses in becoming more resilient and identifying new markets, rather than providing direct grants or loans. The board emphasized the importance of ensuring that these funds complement existing federal and state resources, avoiding duplication of efforts. To expedite the recovery process, the board proposed waiving local match requirements and increasing the delegated authority for project approval to $250,000.

The initiative is time-sensitive, with a proposed duration until June 30, 2025, although this could be extended if necessary. Board members expressed the need for coordination with Rob Ward, the chief transformation officer overseeing hurricane recovery, to confirm that the initiative aligns with other available resources and addresses unmet needs.

In a collaborative spirit, the board agreed to approve the initiative with conditions, ensuring that staff will consult with Ward to validate the necessity of the funds. This proactive approach aims to provide immediate assistance to businesses while laying the groundwork for future disaster response policies. The board's decision reflects a commitment to supporting economic recovery in the wake of natural disasters, highlighting the importance of agility and collaboration in state governance.