Why Henrico?

Entrepreneurs are the backbone of our economy, and the Small, Women-owned and Minority-owned (SWaM) businesses they build are vital to Henrico’s vibrancy. It’s why we’re doing everything we can to promote supplier diversity by increasing SWaM certification. In addition, the Virginia program was created to enhance procurement opportunities for SWaM businesses in state-funded projects.

But it’s not just about forging connections; it’s also about supporting everyone in our SWaM community. Our entrepreneurs create jobs, promote economic mobility, increase our economic competitiveness, and contribute to our exceptional quality of life. They also improve the vibrancy of our communities – two of which have been named some of the best places to live in the U.S. Perhaps most importantly, we believe everyone should have access to opportunity.

So, if it’s a small business, a Black-owned business, or an LGBTQ-owned business, we make it our business by cultivating a community of inclusion. In fact, we have spent $1.3 billion with SWaM businesses since 2007 and they account for 56% of our annual spend – the most of any locality in central Virginia.  Because there can be no economic development without equitable development, it’s the Henrico EDA’s duty and privilege to grow our economy for all.

Women-Owned Businesses in Henrico

Virginia is a top ten state for women-led startups, and in Henrico, we’re living up to the recognition. Here, we work to make our community a beacon of inclusion, and women entrepreneurs are finding extraordinary success like:

• Ashley Reynolds, founder of the online planner/stationary retailer Cloth & Paper, an Inc. 5000 company for two consecutive years
• Courtney White, owner of Henrico microbrewery Intermission Beer Company, voted Best Local Brewery in Style Weekly
• Catina Jones, founder and principal broker of Rockett’s Landing-based ICON Realty Group, expanded her business footprint to South Florida in 2021

Minority-Owned Businesses in Henrico

One great reason why you should build or relocate your minority-owned business in our community? SmartAsset ranked the Richmond metro area, which includes Henrico, the #8 Best Place in the U.S. for Black Entrepreneurs. Metrics included:

• The number of Black-owned businesses (7% of metro area businesses)
• Black-owned business growth (54% from 2017–2019)
• Median Black household income ($47,445)
• Black unemployment rate (6.9%)
• The percentage of businesses with sales exceeding $250,000

Diversity, Equity, and Inclusion in the Workplace

When you’re looking to further your Diversity, Equity, and Inclusion (DEI) and Environmental, Social, and Governance (ESG) goals, turn to Henrico. Our embrace of multiculturalism is echoed by our diverse population, which added nearly 34,000 Asian, Black, Hispanic, and multiracial residents from 2010–2020. Here you can more easily attract and retain a diverse workforce and build an inclusive workplace to:

• Increase team engagement
• Grow your customer base
• Innovate through diversity
• Heighten your competitiveness
• Propel business success now and in the future

And your talent pipeline will always be full: our labor pool is over 700,000 strong, and there are nearly 30 colleges, universities, and professional schools in our area. Plus, Virginia State and Virginia Union, two nationally recognized nearby universities, are historically Black.

SWaM Certification and Supplier Diversity

We can help your small businesses get their foot in the door. In 2020, the Henrico EDA thought of new ways to help our small businesses and promote supplier diversity. Through a multipronged approach, we:

• Worked more closely with the Virginia Department of Small Business and Supplier Diversity and Henrico Supplier Relations Division to increase SWaM business certifications
• Connected with companies for one-on-ones to learn more about their supply chain, vendor, and contractor needs
• Partnered with Henrico’s Purchasing Division to present a series of webinars that help businesses and entrepreneurs understand exactly how to gain SWaM certification, which had the dual benefit of helping us build a database of certified companies

In 2022, the Henrico EDA received a National Association of Counties (NACo) Award – which recognizes groundbreaking service programs – for our refreshed SWaM initiative. And we are committed to continuing to earn our national reputation as a place where business owners from all cultures and backgrounds come to thrive.