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State Incentives

Customized Training and Recruiting Programs

Workforce training assistance in Virginia is provided through the Virginia Department of Business Assistance’s Virginia Jobs Investment Program (VJIP). VJIP provides customized recruiting and training services to companies that are creating new jobs or experiencing technological change. The Department of Business Assistance assigns one state point-of-contact to coordinate all the resources available to your company. Among your partners will be Virginia’s educational and vocational institutions, Workforce Development Centers, Employment Service Providers and more.

To learn more about the Virginia Jobs Investment Program, please visit the Virginia Department of Business Assistance.

Business Incentives

Virginia actively works with expanding Virginia employers that create a higher standard of living for Virginians, enhance the local and state economies, and increase revenues to state and local governments. Incentives are Virginia’s investment in its economic future and a business decision for both the Commonwealth and the company. As a result, they must make good fiscal sense for all parties.

Designed to target the needs of the company and the development plans of localities and the state, Virginia offers a variety of performance-based incentives. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth.

For a brief overview of Virginia’s business incentives, please click here to visit the Business Incentives webpage.

For a comprehensive guide to Virginia’s business incentives, please see A Virginia Guide To Business Incentives.

Local Incentives

Local incentives and financing assistance is done on a case-by-case basis and is based on capital expenditures, job creation, annual salary, and mutual benefit for the business and the county.  Should the King George County Board of Supervisors agree to assist a prospect, a determination of the amount/ type of investment will be made and a contract will be executed between the county and the prospect to ensure the best and highest use of public dollars and investment.  The King George County Board of Supervisors is open to discussion and is especially interested in prospects that will diversify the local economy and provide salaries that improve the quality of life for county residents.

Financing

King George County has many Financial Institutions that are ready to provide financing for businesses locating in the county.  Many of these institutions are familiar with the numerous federal financing programs offered through United States Department of Agriculture and the United States Small Business Development Administration.

Small Business Administration (SBA) provides loan guarantees to banks to encourage funding of small businesses.  The SBA is not a lending institution like a bank or credit union and therefore does not issue loans.  Instead, it provides support to your loan request from a bank in the form of loan guarantees.  A loan guarantee is a promise by one party (the guarantor or, in this case the SBA) to assume the debt obligation of a borrower (the small business owner) if that borrower defaults on the loan.  For more information on SBA-backed loans, please contact your local financial institution.

REDCO is a licensed non-profit, Certified Development Company that offers long-term fixed-rate financing for small business in Virginia through the SBA 504 Loan Program.

The SBA 504 Loan Program is a long-term financing tool for economic development within a community.  The 504 Loan Program provides growing businesses with a long-term fixed-rate financing for major fixed assets, such as land and buildings to include expansion, renovation, and construction projects.  This loan program DOES NOT provide working capital for business start assistance.

1125 Jefferson Davis Hwy.
Suite 420
Fredericksburg, VA 22401
(540) 373-2897
Fax: 540-526-9898
email: info@redco504.org

http://www.redco504.org/About.html

 

Virginia Small Business Financing Authority (VSBFA) is the Commonwealth of Virginia’s economic development and small business financing arm. It helps Virginia’s existing businesses and those businesses that are seeking to come to Virginia through its extensive portfolio of financing programs.  For more information and contact information, visit http://www.dba.virginia.gov/vsbfa.shtml