We are here to help you grow!
You are very important to Amherst County and we truly appreciate that you have chosen to do business here. We work hard to understand the needs of companies and work proactively to address them. We understand every project is unique and we are ready to find creative ways to meet the constantly changing demands of business.
The Amherst County EDA is your first point-of-contact to access local and state incentive programs. Please call or email our office to discuss what programs make the most sense to encourage the growth and success of your business.
We want to assist in your continued success by offering the following incentive:
- Incentives can be awarded to “basic”, for profit businesses deriving more than 50% of their revenue from sales outside the county; or for profit business can qualify if they derive over 50% of their revenue in direct support of “basic” businesses.
- Qualifying businesses include any commercial enterprise (manufacturing, service, distribution, agriculture, etc.) that meets requirements of all applicable legal codes and the thresholds indicated below
- To qualify, existing businesses must make an additional, taxable capital investment of at least $250,000.
- Incentives will not be awarded to non-profit organizations or institutions except in situations as determined by the Amherst County Board of Supervisors.
- Existing businesses in the county are defined as those having paid county taxes for one or more years. An existing business could possibly receive additional incentives if employment is increased substantially.
- The amount of an incentive will generally equal the same amount the business pays in new taxes over a 5 year period as a result of new capital investment. The incentive award will be in the form of reimbursement of paid taxes on an annual basis.
- Incentives can be spread over a period of 10 years if the business chooses.
- Some additional incentives may be awarded in the form of a partial write-down in value for businesses purchasing property in Amelon Commerce Center.
- A business must apply for incentives prior to formally contracting for the purchase of capital equipment or facilities.
- Completed written applications must be submitted to the Economic Development Authority of Amherst County.
Virginia works enthusiastically with new and expanding employers that create a high standard of living for Virginians and enhance local and state economies through increased revenue growth. 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. Virginia continues to demonstrate a willingness to invest in those who invest in the Commonwealth. (Source: yesvirginia.org)
Potential state grant programs:
- Governor’s Opportunity Fund
- Virginia Investment Partnership Act
- The Virginia Economic Development Incentive Grant (VEDIG)
- CleanEnergy Manufacturing Incentive Grant
- Virginia Jobs Investment Program (VJIP)
- Corporate Income Tax Credits Sales and Use Tax Exemptions Property Tax Exemptions
- Economic Development Access Program
- Rail Industrial Access Program Transportation Partnership Opportunity Fund
- Virginia Small Business Financing Authority (VSBFA)
- Enterprise Zones
- Technology Zones
- Foreign Trade Zones
- Defense Production Zones