ECONOMIC PARTNERSHIP TO BENEFIT NORFOLK BUSINESSES
A unique partnership between the Norfolk Economic Development Authority (EDA) and Old Dominion University's Technology Applications Center (TAC) will make it easier for city businesses to apply technology to optimize productivity, retain and increase employment and increase profitability.
The Economic Development Authority has pledged $30,000 towards business assistance grants for all Norfolk businesses. Under the agreement, businesses who seek the technological assistance of TAC would be eligible for up to $2,500 for product development and testing, manufacturing assessment, design, automation and quality assurance. Additionally, disadvantaged businesses may qualify for up to $4,500.
"All Norfolk businesses can utilize this program as a means to greater profitability and employment growth," said Shep Miller, chairman of the Norfolk Economic Development Authority. "We hope this partnership will increase the awareness of this resource and encourage more disadvantaged businesses to come forward and take advantage of the additional funds available for technical assistance."
TAC, an enterprise center of the College of Engineering and Technology funded by Virginia's Center for Innovative Technology, brings together manufacturing specialists, leading academicians, students and skilled technicians to work with Virginia companies to solve engineering and manufacturing problems and support innovative technology applications. Companies can tap into expertise combined with exceptional university resources and laboratory facilities to develop new technologies, find ways to economically upgrade current technology and ensure their processes produce optimum results.
"Leveraging EDA funds in order to provide more intense collaboration between Norfolk businesses and university resources is an investment in the entire community," added Rod Woolard, director of development.
"One of our principal goals at Old Dominion University is to directly contribute to the economic growth of the region. We want our graduates introduced to a healthy marketplace," said Jerry Robertson, director of TAC.
For more information on the Economic Development Authority Business Assistance Grants call 683-5505.