Business Intelligence
October 12, 2010
Incentives for Existing Businesses
When new companies locate in a community, we hear a lot about the incentives offered to them by state and local governments. But what about incentives for existing businesses?
Fortunately, the Commonwealth of Virginia and its communities value existing businesses and support their efforts to grow and prosper. Though media attention tends focused on incoming businesses, state and local governments offer a variety of incentives to encourage the creation of new jobs and investment. The majority of these incentives are aimed at helping existing businesses expand their current operations.
Businesses can qualify for incentives through a variety of activities, including creating new jobs, training workers, making new investments in facilities or equipment, or even creating daycare facilities for their employees. And the best news of all is that you don’t have to be a large company or have lofty expansion plans to qualify. For example, creating as few as 5 new jobs within 12 months could qualify your business for state programs. Assistance can take many forms, such as grants, tax breaks, and loans.
A comprehensive list of state incentive programs is available on the Virginia Economic Development Partnership’s website. Additional information can be found on the websites of the City of Richmond and the counties of Hanover, Henrico, and Chesterfield.
If you are considering an expansion project, talk to your local Business First representative today to see if you qualify for local and state assistance programs.
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