Incentives

Financing

Commonwealth of Virginia

Economic Development Revolving Loan Fund

•  Loans up to $1,000,000; Up to 40% of the total project cost
•  Negotiable (typically at or below market rate)
•  Length of loan negotiated for each project—not to exceed the useful life of the assets being financed

Industrial Development Bonds

Industrial Development Bonds (IDBs), or private activity bonds, are issued locally in Virginia through Industrial Development Authorities (IDAs) for amounts u p to $10,000,000

Lake Country Development Corporation

Revolving Loan Fund

•  Loans are made available to leverage other public and private funds for the purpose of economic and industrial "job-creating endeavors."
•  Loans up to $400,000
•  3% below Prime for up to 10 Years (4% Floor)

Local Incentives

Enterprise Zones

The Virginia Enterprise Zone Program is a state and local partnership in which both parties seek to improve economic conditions within a targeted area of distress. The concept of enterprise zones is to create within these areas an improved climate for private sector investment, development and expansion. This is accomplished by reducing the cost of doing business through regulatory flexibility and through tax and other financial incentives. Local zone incentives vary by community. Detailed information on local zones is available upon request.

Low Tax Rates

Tax rates are among the lowest in the Commonwealth of Virginia.

•  Virginia Corporate Tax Rate: 6%

Virginia ranks in the top twenty states with the lowest corporate tax rate in the United States.

•  Other taxes applied to businesses include: Workers' Compensation Insurance, Unemployment Insurance Tax and Sales and Use Tax .

•  In addition to state business taxes, the following local taxes may apply depending on the business location:

Click to view Local Enterprise Incentives for:

Mecklenburg County
Town of South Hill
Town of Clarksville