Launch LYH was a program that supported entrepreneurs who were ready to start a new business, relocate their business, or expand their existing business in a Downtown Lynchburg storefront. Selected applicants participated in an eight-week education course that culminated in a pitch competition. Winning pitches received at least $20,000 in cash grants to help with new venture costs, which could be used for rent, build-out, inventory, or other start-up expenses.
From 2023 to 2025, fifteen businesses opened or are set to open in Downtown Lynchburg as a result of this initiative, with a total of $310,000 awarded to these winners.
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.
GRANT DETAILS
Grant awards are reimbursement-based, and will not be paid out until expenses are incurred.
Grant awards will not be dispersed until a signed lease agreement is presented.
Grant funds cash awards may be spent on products and services over $500 essential to the opening and development of the business or products and services described in your business plan, including rent and utilities, space modifications, sign production, equipment, inventory, marketing, etc. Payroll costs are not eligible.
In the event the business closes within the first three years, all equipment, machinery, and goods purchased with grant dollars must be returned to Downtown Lynchburg Association.
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"
COMPETITORS WILL BE JUDGED BASED ON
Program participation and performance
Product or service, value proposition
Target market
Revenue model and financial feasibility
Competitive advantage
Master plan and market study alignment strategy & resources
Presentation of pitch
