Financing for tourism-related business ventures in Virginia's Ninth Congressional District
In 1995, U.S. Congressman Frederick C. (Rick) Boucher served as the catalyst among residents of the Ninth U.S. Congressional District of Virginia to create Ninth District Development Financing, Inc. Rick's passion for the Ninth District and his keen appreciation of the cultural assets and natural beauty of Southwest Virginia and the creativity of its citizens coalesced in the development of this tourism loan fund, providing economic development opportunities for tourism related businesses in the Ninth District.
In the years since its inception, Ninth District Development Financing, Inc. has remained true to its goal to enhance the development of travel destinations that are authentic and which add diversity to tourist experiences in the Ninth Congressional District of Southwest Virginia. By providing working capital and fixed asset financing for projects that develop and enhance tourism, create jobs and expand economic development, the fund successfully supports efforts to preserve and enhance the cultural, historical, and natural assets that local citizens enjoy and would like to promote for the enjoyment of visitors to the region.
Providing funding for a diverse set of thriving tourist related businesses including arts, cultural, historical, outdoor adventure, and entertainment venues, Ninth District Development Financing, Inc. meets its objectives to create and retain jobs, promote the region's historical significance and cultural preservation, and attract tourists while supporting and expanding the tourism economy of the ninth District.
Ensuring the creation of new job opportunities in the Ninth Congressional District is the highest priority of the Ninth District Development Fund.
NDDF is funded by two grants from the Federal Government, through Virginia State Government agencies - with $1 million coming from HUD and an additional $500,000 from USDA Rural Development.
Loan funds are available throughout the Ninth Congressional District including: the counties of Alleghany, Bland, Buchanan, Carroll, Craig, Dickenson, Floyd, Giles, Grayson, Lee, Montgomery, Patrick, Pulaski, Russell, Scott, Smyth, Tazewell, Washington, Wise, Wythe; the western portion of both Henry and Roanoke counties; and the cities of Bristol, Galax, Martinsville, Norton, Radford and Salem. Businesses must be tourism-related and located within the Ninth Congressional District of Virginia to access funding.