FREDERICKSBURG, VA — The Fredericksburg Economic Development Authority will meet Monday to consider the establishment of a new housing fund for essential workers and discuss updates to its commercial loan programs.
The meeting is scheduled for 8:30 a.m. at the FXBG City Center Visitor Center Conference Room.
Board members are expected to vote on a request to allocate $30,000 to launch the "Serve and Stay - Fredericksburg Fund". The initiative, managed through the Community Foundation of the Rappahannock River Region, aims to provide one-time financial assistance to employees of the City of Fredericksburg and Fredericksburg City Public Schools who live or plan to live in the 22401 ZIP code.
According to program proposals, the fund is designed to address a "growing gap between what our workforce earns and what it costs to live in Fredericksburg."Eligible workers could receive up to $6,500 for mortgage rate buy-downs or up to $4,500 for rental security deposits and initial rent. Priority will be given to first responders, healthcare professionals, and educators.
The EDA will also review the credit policy for "InvestFXBG," the authority’s umbrella for business lending. The program includes the Small Business Catalyst Fund, which offers loans between $5,000 and $25,000 for working capital and equipment, and the Business Capital Growth Fund, which provides up to $250,000 for larger expansion projects and property acquisition.
Financial reports for April 2026 show the EDA has collected $403,127.10 in total income for the current fiscal year, exceeding its budget projections. A significant portion of this revenue stems from $179,606.31 in InvestFXBG principal and interest payments.
Other items on the agenda include a presentation on a regional entrepreneurial strategic plan by Mike Purello and a tourism marketing update from Danelle Rose. The board is also scheduled to discuss a slate of officer nominations for the upcoming term.
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