2024 launch LYh applications have closed

Launch LYH is a 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. Selected applicants will participate in an eight-week education course that will culminate in a pitch competition. Winning pitches will receive cash grants to help with new venture costs. These funds can be used for rent, build-out, inventory, or other start-up costs. Total grant funds available in 2024 were $100,000.

Interested in sponsoring Launch LYH? Email ashley@downtownlynchburg.com.

Please review all information below before applying.

ELIGIBILITY

• 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, 2024. 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.

TIMELINE & DEADLINES

• Application window opens – Monday, Jan. 1

• Applications close – Wednesday, Jan. 31, window closes at 11:30 p.m.

• Applicants notified of acceptance – Friday, Feb. 16

• Launch LYH orientation – Tuesday, Feb. 27

• Classes begin (*see note below) – Week of March 4

• Classes end (*see note below) – Week of Monday, April 22

• Business plan submissions – Friday, May 10

• Pitch night presentations – Tuesday, May 21

• Winners announced – Wednesday, May 29

*Business development courses consist of two tracks: one for new businesses, and the other for established businesses. Participants can choose the track that makes sense for them. Track 1 will meet every Monday at 6 p.m., and Track 2 will meet every Tuesday at 6 p.m. For eight weeks, each two-hour class will consist of instruction and discussion.

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 and Freedom First

• 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

If you have any questions, please contact Kelvin Whitehurst, the Business Development Coordinator with Downtown Lynchburg Association, at kelvin@downtownlynchburg.com or (434) 485-7269.