Incentives & Financing
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.
Tax Credit Programs
Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability. Virginia offers low and stable taxes, including the benefits of no franchise or net-worth tax, a modest sales tax with a broad range of exemptions, and a 6% corporate income tax rate, which has not changed since 1972. For a complete list of Virginia Tax Credits, 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.
- Target Industry Tax Incentives: Virginia offers a toolbox of tax credits and exemptions for target industries, including the following:
- Agricultural Materials and Equipment Tax Exemption offers sales and use tax exemptions for farmers purchasing tangible personal property for use in agricultural production for market, including indoor, closed, controlled environments such as a commercial agricultural facility.
- Commercial and Industrial Sales & Use Tax Exemption offers sales and use tax exemption for purchases used directly in production or research and development.
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.
Buena Vista Incentives
Buena Vista’s local incentives are considered on a case-by-case basis and are based on an analysis of job creation, capital investment, and wage rates. Local incentives may include:
- Cash grants
- Infrastructure development
- Fee waivers
- Tax refunds for increased investments in machinery & tools, real estate, and personal property
- Project specific incentives
Commonwealth of Virginia Incentives
Here in Buena Vista, we enjoy a strong partnership with the Commonwealth of Virginia. We can add to the state’s incentives with our own local incentive programs. All projects are evaluated individually and confidentially.
- Commonwealth’s Development Opportunity Fund is a discretionary incentive available to the Governor to secure a business location or expansion project in Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
- Governor’s Agriculture and Forestry Industries Development Fund invests in agricultural industries through strategic grants made to businesses that add value to Virginia-grown agricultural and forestal products.
- Virginia Investment Performance Grant is a discretionary performance incentive designed to encourage continued capital investments by Virginia companies, which result in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.
Workforce & Job Creation Incentives
- Virginia Jobs Investment Program is an incentive program offering customized recruiting and training assistance to companies that create new jobs or experience technological change. The program is designed to reduce human resource development cost by providing direct funding to new and expanding companies that meet program qualifications.
- Virginia Talent Accelerator Program facilitates start-ups and expansions by expediting recruiting and shortening the new-hire learning curve. Program benefits are delivered as customized services provided at no charge to eligible companies as an incentive for job creation.
Port of Virginia Incentives
The Port of Virginia is the deepest and most modern port on the east coast. Industries engaged in port related imports and exports may benefit from the following incentives:
- Port Volume Increase Grant Program
- Barge and Rail Use Grant Program
- International Trade Facility Grant Program
Expansion Assistance
If your company is thinking about expanding, we are here to help. We process incentive applications, assist with zoning and planning issues, and generally do what it takes to make your expansion process fast and easy. Existing businesses may receive tailored assistance with permits and financial incentives to ensure that future business needs are met.
If it’s time to grow your business, please contact us at (540) 261-8616
We can: