“Launch LYH” Program to support Entrepreneurs (United States)

Deadline: 31 January 2025

Applications are now open for the Launch LYH program that supports entrepreneurs who are ready to start a new business, relocate their business, or expand their existing business in a Downtown Lynchburg storefront.

Funding Information

Total grant funds available in 2025 were $100,000.
Prize Package
- Along with cash grants, winners will receive the following:
  - Site selection assistance in securing an appropriate location in Downtown Lynchburg
  - Marketing and promotion one-on-one audit and game plan provided by Downtown Lynchburg Association
  - Assistance with all permitting and City of Lynchburg services through the City of Lynchburg Economic Development and Tourism
  - Grand opening and ongoing promotion provided by Downtown Lynchburg Association
  - Complimentary access to two Lynchburg Regional Business Alliance events
  - Commercial banking services provided by the Bank of the James
  - Basic web design and brand package provided by Small Business Development Center
  - Appearance on WSET’s “Living in the Heart of Virginia”

Eligibility Criteria

Launch LYH is open to new businesses, existing online businesses, existing brick-and-mortar businesses located elsewhere, and existing Downtown businesses seeking to expand their footprint.
Businesses must create a new amenity for Downtown Lynchburg visitors and/or residents, and therefore must fall within one of the following categories:
- Entertainment/culture/attraction
- Restaurant/beverage
- Retail
- Residential/workforce amenities (market/convenience store, pharmacy, dry cleaning, laundromat, etc)
The business must not have announced that it will be opening/expansion to Downtown Lynchburg.

Participation Requirements

All applicants must:
- Be ready and willing to open a business in a Downtown Lynchburg storefront location by December 31, 2025. A storefront is a first-floor commercial space with a street-facing public entrance.
- Attend an eight-week business training course, create and submit a detailed business plan, and present the business idea to a panel of judges at a pitch competition.
- Create at least one new job with new or expanded business.
- Participate in at least two Downtown Lynchburg Association promotions in the first year after opening
- Attend two follow-up classes provided by the Lynchburg Small Business Development Center in the first year (free)
- Meet with a mentor, assigned to you by the Downtown Lynchburg Association, at least once per month for the first six months
- Be available for press opportunities and engage in ongoing dialogue as the project progresses for the first six months
- Submit photos, once per month for the first 12 months to chronicle your development, and then twice per year thereafter for the next two years.
- Submit the following data annually for progress reporting for the first three years following your business opening and document expansion through a signed performance agreement. Data collected will be confidential to the partnering organizations and will include, but not limited to:
  - New Jobs Created
  - Business Location
  - Government and agency investments and incentives (state and local)
  - Private capital investments, including owner investments
  - Local money loaned
  - Tax Revenues Generated
  - Total money invested in your business/business location enhancements, equipment, etc.