Incentives by Locality
- Lowest Machinery + Tools Tax in Virginia: Effective tax rate of 25 cents per 100 dollars of assessed value.
- Business Expansion Incentive Fund (BEIF): Established to promote the expansion and preservation of already-established businesses located in Chesterfield County.
- Fast Track Permitting: Offers expedited review of both business and site plans.
- Business First Chesterfield: Participates in an outreach program and helps foster a more productive work environment for local businesses.
City of Richmond
- Mayor's Opportunity Fund: Grants provided by the Mayor's Office to businesses looking to locate or expand in Richmond.
- Tax Abatement Incentive Program: Promotes the rehabilitation of older buildings and allows for a partial exemption from certain real estate taxes.
- Commercial Area Revitalization Effort (CARE): Provides assistance to businesses in 11 different low-income neighborhoods in the City.
- CItywide Revolving Loan Program + Economic Development Revolving Loan Program: Provide loans to businesses with the intention to create jobs for lower income residents in the City.
- Arts + Cultural District Micro-Enterprise Revolving Loan Program: Provides capital to businesses and individuals whose goal is to promote the arts and create jobs for low-income individuals in the City's designated Arts and Culture District.
- Business First Greater Richmond: Provides businesses with the necessary resources needed to grow and succeed in the area.
- Fast Track Designation: County staff will review the site and business plan within seven working days for priority projects.
- Land Use Program: Promotes land used for forestry, open space, and agriculture and allows taxes on this land to be deferred.
- Rehabilitation Tax Exemption Program: Promotes investment in existing residential, commercial, and industrial real estate.
- Business First Hanover: Operates with Business First Greater Richmond to reach out to local businesses and help businesses with operational issues.
- Fast Track Approval Process and Accelerated Development Processing: Allows for an expedited review process and a reduction in startup costs
- Commercial Rehabilitation Real Estate Tax Exemption: Allows for an exemption for 7 years for industrial, commercial, and multifamily real estate.
- Architectural/Design Assistance Program: Allows for free professional design assistance for exterior building improvements.
- Building Facade Grants: Allows for interior code violation improvements and external improvements up to the lesser of 33% of the renovation costs or $30,000.
- Off-site Improvement Grants: Intended to promote water, sewage, and drainage improvements.
- Paving and Landscaping Grants: Allows for enhancement of existing parking areas and expansion of parking areas as well as landscaping enhancements for parking areas and the front of buildings.
- Building Demolition Grants: Offers a reimbursement to property owners for demolishing sites to create new businesses.
- Business First Henrico: Conducts on-site interviews with businesses in order to improve relationships among businesses and the Henrico business environment.