If you’re starting a business – or expanding one – in Lynchburg, Virginia you owe it to your future success to check out the Lynchburg EDA and Economic Development Office. Committed to helping businesses like yours succeed, the organization offers a range of tools, seminars, and resources to make your venture work.
The Lynchburg EDA and Economic Development Office can help your business in three crucial ways:
1) By helping you find incentives
Is your company buying or updating real estate in Lynchburg? If your business is increasing the assessed value of an older business or industrial property by at least 60 percent, you might qualify for the Real Estate Rehab and Renovation Tax Credit, giving you up to five years of exemption from real estate taxes.
Is your business in the tech sector? You may qualify for local tax incentives for new jobs and investment through the City’s Technology Zone, a zone that covers the entire city.
These are just two of the incentives available for local businesses. Finding all of these opportunities can be a challenge, which is why the Lynchburg EDA (Economic Development Authority) and Economic Development Office gather all the information you need to find the right loans, grants, and incentives for you.
The office can help you find tax-exempt bonds and loan capital. Need more financing? Our team can help your business find a variety of small-business loans, microloans, and other financing options. We can even offer assistance with STTR and SBIR applications.
2) By providing connections
It can be daunting to network on your own. The EDA offers you the support and community you need by offering assistance with leasing and real estate and by helping to connect businesses to other companies, including vendors, clients, partners, and suppliers.
Our team understands that starting a business also means navigating the complex world of government. We can act as a liaison in that sense, too, connecting you with other areas of government and helping demystify the permit and licensing process.
3) By assisting with state funding
There’s a reason why Forbes ranked Virginia the fourth best state for business; Virginia not only has great conditions for businesses but also offers incentives and support.
For example, Virginia offers a range of tax credits, including the Major Business Facility Job Tax Credit, the Worker Retraining Tax Credit, the Research and Development Tax Credit, and several more. The Virginia Jobs Investment Program (VJIP) provides help to companies looking to recruit or train workers.
How can you find all relevant state programs – especially if you’re busy building a business? The Lynchburg EDA and Economic Development Office can not only give you the details about programs, but can also assist with applications.
The Lynchburg EDA and Economic Development Office believe that when your business succeeds, our entire community succeeds. That’s why we work hard to help companies just like yours. Request a consultation today to find out more about our services.