Generous incentives to reward investment

Exterior Improvement Grant Program (EIGP)

Provides funding (up to $20,000) for half the project cost for qualifying property owners who complete exterior improvements such as painting, awnings, and signage to commercial, industrial, or mixed-use buildings.

Growing Business Development – Program Waiver (GBD-PW)

Offers a fee waiver to eligible businesses for either membership with the Top of Virginia Regional Chamber (TVRC) or a class administered by TVRC.

Commercial Façade Loan Program (CFLP)

Low interest loans of up to $35,000 are available for qualifying businesses/property owners who wish to make exterior improvements such as signage, masonry, repair, painting, awnings, etc.

Micro-loan Fund (MLF)

Prime rate loans between $1,000 to $15,000 are available to help new or existing businesses fund working capital, minor leasehold improvements, and small equipment/furniture needs.

Business Growth – Revolving Loan Fund (BG-RLF)

Below-market gap financing for small-to-medium sized businesses that cannot fully finance their proposed projects with equity and other public and private financing sources.

Real Estate Development – Revolving Loan Fund (BG-RLF)

Below-market gap financing for small-to-medium sized mixed-use or commercial real estate projects where vacant or under-utilized property will be put to productive uses and cannot be fully financed with equity and other public and private financing sources.

Commercial/Industrial/Mixed-Use Property Rehabilitation Grant (CIMUP-RG)

One-time cash grant up to $15,000 for qualifying properties whose assessed value has increased by at least 50% following substantial rehabilitation.

Major Mixed-Use Development Incentive (MMDI)

Partial tax rebate ranging from 35% to 65% for large scale projects with a minimum investment of $5 million for a ten-year term, based on the percentage of commercial space resulting from the project.

Business Development Grant for Vacant Properties (BDGVP)

Grant equaling between 25% to 65% of all business taxes over a five-year term based on square footage for projects that substantially rehabilitate eligible vacant properties that result in an increase in the assessed value by at least 75%.

The Virginia Enterprise Zone is administered by the Virginia Department of Housing and Community Development. There are two state incentives available to businesses and /or property owners located in the Winchester Enterprise Zone.

For a list of zones, see the VEZ map

For the online applications, see the VEZ submission system.

VEZ State Incentives are available to businesses and zone investors who create jobs and invest in real property within the boundaries of enterprise zones.

CONTACT:

ezone@dhcd.virginia.gov

804-371-7171

Job Creation Grant

Qualification for the Job Creation Grant (JCG) is based on permanent full-time job creation over a four-job threshold, wage rates of at least 175 percent of the Federal minimum wage (150 percent in HUAs*), and the availability of health benefits. Personal service, retail, food, and beverage positions are not eligible to receive job creation grants. **As of 2010, firms located in High Unemployment Areas (HUAs) may qualify for the JCG at the reduced wage rate threshold of $10.88 (150 percent of the Federal minimum wage). A list of HUAs is provided below in the Helpful Links section of this page.

Real Property Investment Grant

Eligibility for the Real Property Investment Grant (RPIG)is based on qualified investments made to commercial, industrial, and mixed-use buildings or facilities located within the boundaries of an enterprise zone. To be eligible for the RPIG, an individual or entity must invest at least $100,000 for rehabilitation or expansion projects and at least $500,000 for new construction projects.

Through the federal and state rehabilitation tax credit programs, property owners are given substantial incentives for private investment in preservation, resulting in enormous advantages to the public.

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. Additional information and assistance with tax-credit projects may be requested from DHR’s Richmond office.

For information about City of Winchester historic tax credits, contact Celeste Broadstreet.

The Technology zone is a 125 acre tract within the City limits that offers incentives over a ten-year period to businesses within the zone who derive their gross receipts from computer hardware, software, or telecommunications sales, leases, licensing, or services, and for which the computers or telecommunication are used to provide sales, leases, licensing, or services directly to the customer AND meet the minimum employment and investment level requirements. Incentives offered may include tax exemptions, tax rebates, and/or City fee rebates.

For more information about Technology Zone incentives or the documents necessary to apply, contact EDA staff directly at econ.dev@winchesterva.gov