The Virginia Enterprise Zone program is committed to encouraging economic growth and revitalization throughout the commonwealth by supporting businesses and investors.  The program provides reimbursement grants for real property improvements as well as new job creation within the zone.  This program is managed by the Virginia Department of Housing and Community Development (DHCD).  Accomack County originally created it's Enterprise Zone in 2005 and has made some amendments to the area in the Zone since that time.

Qualification for real property investment grants requires the participant spend a minimum of $100,000 in qualifying investments for commercial, industrial, or mixed-use buildings or facilities.  or rehabilitation and expansion or a minimum of $500,000 in qualifying investments for new construction.  Participants may qualify for reimbursements for up to 20% of the qualified costs in excess of the minimums.  For example, if you spent $150,000 in qualifying expenses in renovating a business property in the Enterprise Zone, you could be eligible for a grant up to $10,000.  The amount of the reimbursements will depend on state funds available for reimbursement as well as total caps on funds depending on the type and amount of investment.

For job creation grants, funds are available for net new permanent full time positions that pay a minimum of $12.69 per hour as well as provide health benefits.  Certain categories of positions, such as retail, personal service, or food and beverage positions, are excluded.  A minimum of 5 new permanent full-time positions must be created in order to qualify for funding.

For complete information on these programs, please follow the link to the Virginia Department of Housing and Community Development (DHCD) Enterprise Zone Site. 

If you wish to verify whether or not a property you own or are considering owning is in the Enterprise Zone, the information is available on AccoMap - Accomack County's Online Mapping Service.

NEW The Virginia Department of Housing and Community Development will be holding "How to Qualify" workshops to assist businesses in obtaining Enterprise Zone grant incentives.  The workshops are free but registration is required.  More information can be obtained from the DHCD Website.

 


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