Business Start, Locate, Expand

Expansion Assistance

Buena Vista isn’t just a location—it’s a strategic investment in your business’s future. Explore the opportunities awaiting you in Buena Vista and contact us today to learn more about how our incentives and programs can catalyze your business’s success story.

Business Incentive Zones

There are a variety of special business incentive zones located in Buena Vista

  • Tourism Zones: Encouraging businesses within designated tourism areas.
  • Technology Zones: Supporting technology-based businesses.
  • HUB Zone: Providing incentives for businesses located in Historically Underutilized Business Zones.
  • Opportunity Zone: Offering tax incentives for investments in designated economically distressed areas.

Commonwealth of Virginia Incentives

The Commonwealth of Virginia created a one-stop shop to find the full suite of economic development incentives available from the state. The list of programs can be found at www.vedp.org/incentives.

Tax Credit Programs

Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability. For a complete list and detailed information, visit www.tax.virginia.gov/content/tax-credits.

  • Buena Vista Rehabilitated Real Estate program: Incentivizes the revitalization of residential and commercial/industrial properties in the city. Residential structures aged 50 or 75 years require a 40% increase in assessed value post-rehabilitation, while commercial/industrial structures aged 25 years need a 60% increase. Exemptions last five or ten years, beginning the year after rehabilitation completion. Applications, accompanied by a $20 fee, must demonstrate compliance with program requirements.
  • Federal and state rehabilitation tax credit programs: Property owners are given substantial incentives for private investment in preservation. State tax credits are available for owner-occupied, as well as income-producing buildings. If your property is income-producing, you may also be able to take advantage of federal tax credits.
  • New Markets Tax Credit Program: Provides individual and corporate investors a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. To check whether a specific property is within a qualified tract, visit the Community Development Financial Institutions mapping tool and enter the property’s address.

Financing

In addition to government grants and support, various financing options are available to support your business growth. Financial institutions are one avenue for securing capital, offering traditional loans, lines of credit, and other financial products tailored to business needs.

Furthermore, Buena Vista collaborates with partner organizations that specialize in providing financing solutions to businesses:

  • Buena Vista Revolving Loan Program: The City of Buena Vista manages a revolving loan program for small businesses to provide needed capital for business start-up and improvements. Loans are provided with funding received through USDA Rural Development. Applications are reviewed by committee. Maximum loan award is $15,000 at 3% interest over three years.
  • Local Banks and Credit Unions: Community banks and credit unions in Buena Vista offer a range of financial products and services, including business loans, equipment financing, and lines of credit. They provide personalized attention and local decision-making, fostering strong relationships with business owners.
  • Virginia’s Small, Women-owned and Minority-owned (SWaM): The SWaM program offers loans of $10,000-$25,000.
  • Small Business Administration (SBA): The SBA provides loan guarantees and assistance programs to small businesses, enabling access to capital for startups, expansions, and acquisitions. Their network of lenders facilitates the approval process and offers competitive terms.
  • Virginia Small Business Financing Authority (VSBFA): VSBFA offers loan programs, loan guarantees, and grants to Virginia businesses, supporting economic development and job creation. Their financing options cater to various business needs, from working capital to fixed asset financing.
  • Shenandoah Community Capital Fund (SCCF): SCCF provides accessible and tailored financing solutions for small businesses throughout the Shenandoah Valley region. Their range of loan programs is designed to support business growth, job creation, and community development initiatives, fostering economic prosperity in the area.
  • Southeast Rural Community Assistance Project (SERCAP): SERCAP specializes in offering financial assistance and technical support to rural communities and small businesses in the Southeast region.
  • Shenandoah Valley Angel Investors (SVAI): SVAI is a network of private investors that help fund entrepreneurial enterprises located in our communities. SVAI’s primary interest is Start-Up/ Early Stage business ventures with funding needs in the range of $50,000 to $300,000 that leverage technology to create a new product or service. A review committee assesses and ranks business proposals based on several factors, including: market potential, scalability, new job creation, intellectual property, competition, management team, business acumen, capital intensity, and potential return on an equity investment.

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