DRF GRANT HELPS ATTRACT JOBS
$2 Million Grant For Com40
DANVILLE, VA - (February 14, 2008) - The Danville Regional Foundation has awarded a grant of $2 million to the City of Danville Industrial Development Authority to help attract Com40 and the jobs the company will bring to the region.
The Regional Foundation believes the 800-plus jobs that Com40 creates will help reverse the economic decline in the region that has led to one of the highest unemployment rates in Virginia and a 34 percent increase in children living in poverty in the last five years," said Karl Stauber, President and CEO.
"The jobs that will result from Com40's investment particularly will benefit workers who have lost their jobs in textile and tobacco," added Stauber. "These will be 'living wage' jobs with good benefits to help workers who have been left behind by changes in the global economy. This represents a great partnership among the City of Danville, the Commonwealth of Virginia and other public and private sources."
Many studies have proven a link between people who have good jobs and their health and education. "These families will be healthier, their children will perform better in school, and they will contribute more to the community, Stauber noted.
Economic transformation is one of the four areas of focus for DRF. A goal is to develop a rising standard of living, including increased income, assets and economic security across the region. "This project is an excellent example of a long-term opportunity that will help close the income gap in our region," said Stauber.
The two-year grant to the IDA is based on the same conditions that have been made by the City of Danville and the Commonwealth of Virginia.
The Danville Regional Foundation seeks to develop, promote and support activities that improve the health, education and wellbeing of the residents of the City of Danville and Pittsylvania County, VA and Caswell County, NC. The Foundation has awarded approximately $19.5 million to seven non-profit organizations or government agencies since its founding in 2005.