Richmond’s Need Supply Co. closes permanently
Popular clothing e-tailer goes under during pandemic
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Richmond-based clothing and home goods retailer Need Supply Co. has gone under due to the COVID-19 pandemic and will permanently cease operations, its attorney confirmed Tuesday. The store has not issued a public statement, including on its website or social media sites. “Need Supply Co. has made the difficult decision to wind down its business
Private equity firm acquires Herndon tech company
Thoma Bravo buys Exostar; transaction amount not disclosed
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Herndon-based tech company Exostar LLC announced Tuesday it has been acquired by Chicago-based private equity firm Thoma Bravo LLC. The acquisition was first announced in early June. The transaction amount was not disclosed. Exostar is a cloud-based platform that allows companies to securely share information and operate with security compliance. The platform is used by
PNC names new Greater Washington regional president
Jermaine Johnson will succeed Richard Bynum
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Pittsburgh-based PNC Financial Services Group Inc. announced Tuesday that Jermaine Johnson will succeed Richard K. Bynum as Greater Washington regional president as of Aug. 1, overseeing the bank’s operations in the greater Washington, D.C., area, including Northern Virginia and surrounding Maryland counties. Currently the market leader of corporate banking for the Greater Washington, D.C., and
Va. real estate firms close deal on $10.35M Tampa building
Commonwealth Commercial Partners to manage property
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Henrico County-based commercial real estate firm Lingerfelt CommonWealth Partners LLC announced Monday it has sold a $10.35 million office building in Tampa, Florida, to Virginia Beach-based real estate investment company Continental Capital Partners. The two-story, 78,000-square foot Buschwood III office building was 92% leased at the time of the sale to tenants including CoAdvantage, BluePearl
Meeting Professionals International Va. Chapter chooses board president
Lisa Meriwether is Lynchburg's tourism sales manager
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Lisa Meriwether, tourism sales manager for Lynchburg’s Office of Economic Development and Tourism, has been named president of the board of directors of Meeting Professionals International’s Virginia chapter. Meriwether was installed as chapter president on June 30 and will serve on the board’s executive committee, responsible for working with the office of the president on
UPDATED: Nearly 110K Virginia businesses received PPP funds
SBA releases data identifying only 16K Va. recipients of forgivable relief loans
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The U.S. Small Business Administration has released a list of major recipients of its $659 billion Paycheck Protection Program small business relief program, with exact loan amounts redacted. Of the nearly 110,000 small businesses that received funding in Virginia (including Virginia Business Media LLC), approximately 16,100 businesses in Virginia were named on the list of
Charlottesville Chamber hires Defense Affairs Committee program lead
Lettie J. Bien to work on business development with defense community
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The Charlottesville Regional Chamber of Commerce announced Monday it has hired retired Col. Lettie J. Bien as the inaugural program coordinator for the chamber’s Defense Affairs Committee (DAC), which serves as an intermediary information-sharing organization for veterans, academics and industry workers. A retired U.S. Army Reserve Colonel and attorney, Bien will work on community engagement
Roanoke County launches small business relief grants
Applicants can receive up to $10K in funding
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The Roanoke County Economic Development Department announced Monday it has launched a $1 million small business grant program to help businesses suffering from COVID-19 closures in the county and the town of Vinton. The program is being funded through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and will help businesses to cover
U.S. nonresidential construction spending dropped in May
Hospitality-related construction projects most affected
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Nonresidential construction spending in the U.S. dropped 0.9% during the month of May, the Associated Builders and Contractors announced Wednesday, according to U.S. Census Bureau data. Spending totaled $812.5 billion for the month of May while private nonresidential spending dropped 2.4%. “Certain aspects of today’s data release are precisely what was anticipated, while other elements
300+ Alexandria small businesses receive COVID-19 funding
Grant program hosted by Alexandria Economic Development Partnership
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More than 300 small businesses in Alexandria were funded by the Alexandria Back to Business (ALX B2B) grants program in the wake of the COVID-19 crisis, the Alexandria Economic Development Partnership (AEDP) announced Thursday. In May, Alexandria City Council committed $2.4 million from its federal CARES Act appropriations, and allocated an additional $2 million from