NEWPORT NEWS, Va. (WAVY) -- A surprise presentation in Newport News had four local companies teaming up to fund a $500,000 grant on Tuesday. The money was awarded to the Newport News Education Foundation. "There's a grant application process that ended this year and we had about 30 applicant and Newport News Education Foundation was our honoree," President and CEO of Bayport Credit Union Jim Mears said. Bayport Credit Union, Ferguson, Newport News Shipbuilding and Virginia Natural Gas all contributed to the fund. The organization is made up of a group of citizens who support the Newport News Public Schools to help students prepare for the working world. "Excited is an understatement," said Dale Mingilton, Newport News Education Foundation executive director. "What this is allowing us to do is bring our own and grow our own instructors. One of the biggest issues that we have in public education is that we're losing teachers every day. It's not like it was when many folks grew up that a teacher stayed in their role for 20-30 years. Now, it's a different world. Teachers are facing challenges and needs and it's harder to retain those teachers."