VEDP launches Supply Chain Optimization Program

The Virginia Economic Development Partnership launched its Supply Chain Optimization Program, Gov. Ralph Northam announced Wednesday.

The one-year program is designed to help Virginia businesses streamline their supply chain management. Participating businesses could receive a maximum of $10,000 in reimbursements for supply chain-related expenses, including consulting services, connections with experts and training sessions. Companies are eligible to participate if they have at least five full-time employees in Virginia and their operations are located in Virginia.

“Virginia has worked hard to make businesses in the commonwealth stronger, more resilient and more competitive in the global marketplace,” Northam said in a statement. “We’re excited to implement the country’s first official Supply Chain Optimization Program, which will support thousands of businesses and boost international trade. I look forward to seeing this program’s success.”

The program is part of the International Trade Strategic Plan for Virginia that Northam announced in November 2019. The plan set a goal to expand Virginia’s international trade output by nearly 50% before 2035. The General Assembly allocated $1.35 million to implementing the plan in its 2021 session, with $1.1 million going directly to the VEDP.

“A sustainable supply chain is critical to the growth of companies both domestically and abroad,” said VEDP president and CEO Stephen Moret in a statement. “Our Supply Chain Optimization Program will help ensure Virginia businesses have the resources they need to successfully trade with companies around the world.”

The VEDP will hold an introductory webinar on Sept. 14 at 2 p.m.