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Incentives

New and expanding businesses may be eligible for incentives from local, state and federal governments. Training assistance, grants, preferential treatment when bidding for federal contracts and more may be available to your business. Three programs are highlighted below. Our Executive Director can answer your questions and provide guidance.

Virginia Enterprise Zone #53 is located within the Alleghany Highlands. A map of the Enterprise Zone area can her found here: Alleghany Highlands Enterprise Zone Map.

There are state and local Enterprise Zone economic benefits: The State programs provide cash grants for new job creation and real property investment.The local economic benefits consist of tax and fee reimbursements. HUBZone  is a US Small Business Administration program for small companies that operate and employ people in Historically Underutilized Business Zones (HUBZones). Small business will be designated as HUBZone certified if they meet the following criteria:

  • The firm must be a small business based upon the North American Industry Classification System for size standards.
  • The business must be at least 51 percent owned and controlled by citizens of the United States.
  • The firm’s principal office (the location where the greatest numbers of employees perform their work, excluding contract sites) must be in a HUBZone.
  • 35 percent of the firm’s total workforce must reside in a HUBZone.

Advantages of HUBZone Certification include:

  • The chief advantage for a small business is preferential treatment when bidding on Federal Contracts. The HUBZone firm gains a 10 percent cost advantage in bidding on government contracts over non-HUBZone competition.
  • The small business also gains access to additional loan and bonding programs available through the SBA.
  • Another preferential treatment that HUBZone Certified firms enjoy is that SBA small businesses are also selected by larger companies to assist in the completion of Federal Contracts. The large firm is given targets by the government for assistance by HUBZone firms as part of their contract. Compliance for large firms with government contracts begins with contract values in access of $550,000. This gives the HUBZone firm access to completing a piece of the overall project gaining experience as profit.

Virginia Jobs Investment Program is part of the Virginia Department of Business Assistance. VJIP provides customized recruiting and training incentives and includes a program geared for small business.

The Small Business New Jobs Program supports existing Virginia companies which have 250 or fewer employees companywide. In order to qualify for assistance under the program, a company must:

  • Create at least 5 net new jobs within 12 months from the date of the first hire.
  • Make a new capital investment of at least $100,000 associated with the start up or expansion.
  • Pay a minimum entry-level wage rate of $10.00 per hour. In areas that have unemployment of two times or more the state level, this wage minimum may be waived. Only full-time jobs are eligible for funding.

The Job Creation Grant is a manual which provides instructions for qualifying for the Enterprise Zone (EZ) Job Creation Grant (JCG). It has been compiled for the applicant (the business firm) and addresses the applicant’s responsibilities in completing the application materials.

The Job Creation Grant instruction manual is organized as follows:

  • An overview of the grant amount and eligibility criteria;
  • General limitations;
  • Preliminary information for applicants to gather;
  • Step-by-step instructions for completing the required application and supplemental materials.

The Real Property Investment Grant is a manual which provides instructions for qualifying for the Enterprise Zone (EZ) Real Property Investment Grant (RPIG). It has been compiled for the applicant (Qualified Zone Investor) and addresses the applicant’s responsibilities in completing the application materials.

The Real Property Investment Grant Application Instruction Manual is organized as follows:

  • An overview of the grant amount and eligibility criteria;
  • General limitations;
  • Preliminary information for applicants to gather;
  • Step-by-step instructions for completing the required application and supplemental materials.
  • Instructions for registering with the Department of Accounts, Electronic Data Interchange (EDI) Program.