FINANCIAL TOOLS
ENTERPRISE ZONE &
CARE PROGRAMS
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ENTERPRISE ZONE &
CARE PROGRAM
Richmond-based Babylon Micro-Farms received Enterprise Zone incentives to support its growth
The Enterprise Zone and CARE Programs provide incentives for businesses that locate, invest, and grow in specific areas of Richmond. Search your property's address to see if it is eligible.
CARE Program
OVERVIEW
The program provides rebates equal to 50% of eligible expenses for investments in the exterior or interior improvements of commercial structures located in the CARE areas (dark blue areas on the map above). The maximum benefit is up to $25,000 per building or $50,000 per applicant on multiple buildings.
ELIGIBILITY REQUIREMENTS
All applicants must:
- Own or lease commercial property in the CARE Program area (search map above)
- Invest in exterior or interior improvements. Example improvements include:
- Signage, roof repair, parking lot repaving
- Electrical, plumbing, flooring, painting
- Connection of a water lateral line and/or the installation of sprinkler or
fire suppression systems - Security cameras, installation of a security system, motion lights, etc.
- Apply for the program within 12 months of the investments
- Have a City of Richmond business license and be current on all required permits, licenses, and taxes
- Provide valid receipts and supporting proof of purchase documentation
HOW TO APPLY
Contact George Bolos at George.Bolos@rva.gov or 804.646.0477 for an application.
Richmond Enterprise Zone Program
OVERVIEW
Richmond Economic Development offers a suite of local Enterprise Zone incentives for qualified commercial and industrial users in certain areas of Richmond.
Download Enterprise Zone Info Sheet (PDF)
OVERALL ELIGIBILITY REQUIREMENTS
Each program has specific eligibility requirements and guidelines. All programs require that the applicant:
- Own or lease commercial property in the Enterprise Zone program area (search map above)
- Have a City of Richmond business license and be current on all required permits, licenses, and taxes
- Provide valid receipts and supporting proof of purchase documentation
- Submit a complete application within the required time period
BUSINESS RELOCATION REBATE
The program provides a one-time incentive of up to $10,000 reimbursing 50% of the cost of relocating a company into one of the City’s Enterprise Zones.
- Eligible moving expenses include moving company costs, moving vehicle rental, packing materials, storage costs, and separate wages paid to employees for moving assistance.
- Applications must be submitted within nine months of the move-in date.
NEW MACHINERY & EQUIPMENT REBATE
The program provides a 50% rebate on eligible purchases of specialized machinery or equipment up to a maximum benefit of $5,000.
- Examples of specialized equipment and machinery include commercial freezers, restaurant-grade stoves, hydrogen generators, plasma cutters for sheet metal, pallet racking systems, and lab and medical equipment.
- Applications must be submitted within nine months of the qualified purchase.
- Applicants may recieve a maximum rebate of $5,000 per 12-month period.
EMPLOYMENT ASSISTANCE GRANT
The program provides a job creation grant equivalent to $400 per new eligible permanent full-time position for new and expanding businesses located within one of the City’s Enterprise Zones. The maximum award for a two-year period is $7,200.
- Eligible employee wages must be at least the Virginia minimum wage or 1.5 times the federal minimum wage, whichever is higher, and be on payroll for a minimum of 11 months.
- Applications must be submitted within 12 months of the “covered period.”
- The grant will not be awarded if the company has received a State Job Creation Grant for the same job.
BROWNFIELDS ASSESSMENT REBATE
The program provides reimbursements of up to $3,500 for the cost of a Phase I Site Assessment and up to $7,500 for a Phase II Site Assessment related to commercial projects located in one of the City’s Enterprise Zones.
- An applicant may receive a maximum of $3,500 for a Phase I and $7,500 for a Phase II Environmental Site Assessment per site.
- The application must be submitted within nine months of assessment.
LOAN FEE REBATE
The program provides a one-time incentive covering incurred loan financing fees up to a maximum of $1,000 associated with the financing of a business located in an Enterprise Zone.
- Authorized fees include origination, loan processing, filing, administrative, guaranty, recording, and application.
- Private, federal, and state loan sources are eligible; city-originated loan programs are not eligible.
- Rebate applications must be submitted within nine months of the closing date.
DEVELOPMENT FEE REBATE
The rebate provides a dollar-for-dollar incentive of up to $3,000 reimbursing eligible permit fees incurred in the process of investing in the construction or rehabilitation of a commercial or industrial building located in one of the City’s Enterprise Zones.
- The applicant must have made a minimum of $20,000 investment in the property within the past 12 months.
- Building, electrical, mechanical, plumbing, and elevator permit fees are eligible for the rebate.
- The rebate application must be submitted within nine months of obtaining the Certificate of Occupancy or equivalent document.
COMMERCIAL REAL ESTATE TAX ABATEMENT PROGRAM
This program provides a 10-year partial real estate tax abatement to incentivize structural improvements to existing commercial and industrial buildings that are at least 20 years old. This program is also available for commercial properties outside the Enterprise Zone, with a shorter seven-year benefit.
Download the Partial Commerical Real Estate Tax Abatement Info Sheet (PDF)
HOW TO APPLY
Contact George Bolos at George.Bolos@rva.gov or 804.646.0477 for an application.
Virginia Enterprise Zone Program
OVERVIEW
The Virginia Enterprise Zone (VEZ) program is a partnership between the Commonwealth of Virginia and the City of Richmond to encourage job creation and private investment.
- The Job Creation Grant provides grants to companies based on the number of new full-time jobs created over a four-job threshold.
- The Real Property Investment Grant provides grants to investors that are undertaking eligible commercial, industrial, and mixed-use rehabilitation, expansion, or new construction projects within the boundaries of an Enterprise Zone.
HOW TO APPLY
Contact Rick Winston for additional details on the VEZ program at 804.646.5036 or Rick.Winston@rva.gov.
Interested in learning more about the CARE and Enterprise Zone Programs? Reach out to Richmond Economic Development.
Rick Winston
LOAN & GRANT PROGRAMS
804.646.5036
Rick.Winston@rva.gov
George Bolos
CARE & ENTERPRISE PROGRAM
804.646.0477
George.Bolos@rva.gov
