The City of Lynchburg boasts two Enterprise Zones providing investment incentives covering 4,200 acres of commercial property. In the Enterprise Zones, state and local incentives combine to support existing business expansion and new business relocation. Incentives include cash grants for real estate investments and job creation, along with local benefits for qualifying investments.
In 2013, LOED once again expanded the city’s two Enterprise Zones, providing development and job creation assistance to growing businesses in commercial areas throughout town. In the past few years LOED has made several thousand additional acres of commercial property eligible for investment grants, and it is paying dividends.
In 2013 alone, $1 million in incentive investments generated more than $18 million in capital investment from area businesses. Job Creation Grants of $206,000 supported the creation of 312 new jobs and the retention of 795 jobs. In total, businesses within Lynchburg’s two Zones invested $21,430,431 in new construction, rehabilitation or expansion.
The Virginia Enterprise Zone program is a partnership between state and local government to promote economic development through job creation and real property investment. When used in conjunction with other local, state, and federal programs, enterprise zones can leverage private sector investment in targeted areas throughout Virginia. There are currently 57 designated Zones in the Commonwealth, of which Lynchburg has two.
Explore interactive information on Lynchburg’s Enterprise Zones: http://mapviewer.lynchburgva.gov/enterprisezones/.
Learn more here.