Finance


Financing and Marketing Resources

The Commonwealth of Virginia offers a pro-business economic climate. To support this environment, Virginia offers incentives to assist business growth and encourage start-ups. These incentives include financial assistance, facilities development grants, tax credits and exemptions. In addition to financial incentives, Virginia also offers work-force training and technical support programs.

Following is a brief summary of several organizations and programs which promote a growing and diverse economy in Virginia and Tazewell County.

Virginia Economic Development Partnership

The Virginia Economic Development Partnership was created in 1995 by the Virginia General Assembly to better serve those seeking a prime business location and increased trade opportunities and, therefore, to foster increased expansion of the Commonwealth's economy. As a state authority, the Partnership’s mission is “To enhance the quality of life and raise the standard of living for all Virginians, in collaboration with Virginia communities, through aggressive business recruitment, expansion assistance, and trade development, thereby expanding the tax base and creating higher-income employment opportunities”. The Partnership consists of several divisions whose combined expertise provides the necessary resources for companies to make informed location or expansion decisions with the least amount of time and effort.

Virginia Department of Business Assistance

The Virginia Department of Business Assistance is the economic development agency devoted to the growth and success of the Commonwealth's business community. Established by the Virginia General Assembly in July 1996, the Department of Business Assistance rounds out our state's economic development program by ensuring that businesses not only find Virginia an excellent place to locate, but also an ideal place to grow, expand, and make additional investments.

The agency carries out its mission through its programs and services, which include: access to capital, small business counseling, workforce training, and pro-active business problem-solving.

Virginia Enterprise Zones

The enterprise zone program encourages investment and job creation in designated urban or rural zones throughout Virginia. The program offers a 10-year tax credit against state income tax liability and a refundable real property investment credit for improvements to existing structures. There are certain investment and hiring criteria that must be met.

Workforce Services Division of Virginia Department of Business Assistance

The Workforce Services division of the Virginia Department of Business Assistance provides customized recruiting and training services to companies that are creating new jobs or experiencing technological change. As a business development incentive supporting economic development efforts throughout Virginia, the program reduces the human resource development costs of new and expanding companies throughout the Commonwealth of Virginia. Workforce Services offers consulting services, organizational development support, electronic media services, and funding. With strong support from the Governor and the General Assembly, Workforce Services' programs are completely state-funded, demonstrating Virginia's commitment to enhancing job opportunities for its citizens.

Virginia Small Business Financing Authority

The Virginia Small Business Financing Authority (VSBFA) stands ready to assist those businesses and non-profit organizations looking to grow in Virginia, the local economic development authorities and municipalities needing debt financing to attract businesses into their jurisdictions, as well as bankers seeking to find creative ways in which to make that next loan to a small business. The VSBFA is a political subdivision of the Commonwealth of Virginia whose mission is to promote Virginia businesses by increasing access to capital through the creative application of public and private financing, thereby maximizing employment opportunities and investment throughout the Commonwealth. Through its portfolio of financing programs, the VSBFA assists in three primary ways: Direct Lending, Indirect Lending, Conduit Financing.

Virginia Tobacco Indemnification and Community Revitalization Commission

The Tobacco Indemnification and Community Revitalization Commission is a 31-member body created by the 1999 General Assembly. Having several funding programs, the economic development program objective is to promote economic growth and development in tobacco-dependent communities in an equitable manner throughout the Southside and Southwest regions of the Commonwealth in order to assist such communities in reducing their dependency on tobacco and tobacco-related business.

Virginia Coalfield Economic Development Authority

The Virginia Coalfield Economic Development Authority markets the region and offers aggressive financing to new companies and expanding existing industries. Created by the Virginia General Assembly in 1988, this unique organization is financed by coal and gas severance taxes and provides financing packages based on company investment, number of jobs created and wage rates, and matching funds for entrepreneurs, small businesses, tourism and regional industrial parks.

Cumberland Plateau Planning District Commission

The Cumberland Plateau Planning District Commission (PDC) provides technical assistance to its member counties and towns and to local industrial development authorities in their business recruiting efforts. The PDC assists in the development of incentive packages, constructs shell buildings and provides low interest loans through its Revolving Loan Fund (RLF) and Economic Development Credit Line programs.