The city of Richmond is Virginia's capital - a state proven as a leader in the nation when it comes to doing business.
To assist businesses with their growth potential, both the city of Richmond and the Commonwealth of Virginia have developed a strong set of incentives and financial programs. Below are the city of Richmond and Commonwealth of Virginia business incentives and financial tools. To learn more, please contact us.
Mayor's Opportunity Fund (MOF)
The Mayor's Opportunity Fund is a discretionary incentive available by the Mayor's Office to secure a business location or expansion project in the city of Richmond. Grants are awarded as a match to the Commonwealth of Virginia's Governor's Opportunity Fund with the expectation that the grant will result in a favorable location decision for the city of Richmond.
City of Richmond Enterprise Zone Program (EZ)
The City of Richmond's Department of Economic Development offers a set of local Enterprise Zone incentives for qualified commercial and industrial users. These incentives complement and expand on the State of Virginia's Enterprise Zone Program. Below is a list of all incentives. All incentives are subject to the availability of funds.
On a local level, qualified commercial and industrial users within the City’s two (2) Enterprise Zones may be eligible for one or more incentives based on specific eligibility criteria. There are seven (7) local Enterprise Zone incentives.
Real Estate Tax Abatement: A ten-year real estate tax abatement with seven full years and a three year reduced tax relief incentive. Applications must be submitted to Room 110 of City Hall, 900 East Broad Street. Learn more.
Brownfields Rebate: One-time rebate for combined Phase 1/Phase II environmental Site Assessment with a maximum of $3,500 (combination) and $7,500 (Phase II only). Site Assessments must meet EPA standards.
Machinery & Equipment Rebate: A 50% rebate toward the purchase of new or used specialized machinery or equipment up to a maximum of $5,000. The applicant must apply within nine (9) months of the qualified purchase.
Employment Assistance Grant: A grant equivalent to $400 per new eligible permanent position up to a maximum of $7,500 every two years to be provided to a new or expanded business. Positions must have a wage equal to 1.5 times the Federal minimum wage or higher.
Loan Fee Rebate: A one-time award covering incurred loan financing fees up to a maximum of $1,000. Private, Federal, and State loan sources are eligible; city-originated loan programs are exempt. Applications are due within nine months of the closing date.
Business Relocation Rebate: A one-time award reimbursement equivalent to 50% of eligible expenditures up to a maximum of $10,000. The incentive must be applied for within nine months of the move-in date.
Development Fee Rebate: A one-time permit fee rebate for permits associated with the renovation or construction of commercial and industrial facilities dollar for dollar up to a maximum of $3,000. A minimum of $20,000 must be invested in the rehabilitated or new structure within the past 12 months. Applicant must apply within nine (9) months of obtaining the Certificate of Occupancy or equivalent documents.
To explore the designated Enterprise Zones, view the map.
To view the Enterprise Zone brochure, click here.
Tax Abatement Incentive Program
The City offers partial exemption from real estate taxes for qualifying rehabilitated and replaced structures. Learn more.
Commercial Area Revitalization Effort (CARE) Program
The Commercial Area Revitalization Effort (CARE) Program offers rebate assistance to eligible businesses and commercial property owners within the City of Richmond. The program provides rebates for the rehabilitation of commercial space that includes security improvements, exterior rehabilitation, interior rehabilitation, and water lateral/sprinkler system investments. New construction is not eligible.
Designated CARE areas:
- Brookland Park Boulevard
- Fulton Hill
- Hull Street
- Jackson Ward
- Jefferson Davis
- Meadowbridge Road
- Midlothian Turnpike
- North 25th Street
- North Avenue
- Shockoe Bottom
To explore the designated CARE areas, view the map.
To view the CARE brochure, click here.
Citywide Revolving Loan Program:
Provides access to capital to small businesses, entrepreneurs, developers, and non-profits that seek to stimulate the revitalization of Richmond's neighborhoods and promote permanent job creation for low to moderate-income citizens. Learn more or view the application package here.
Economic Development Revolving Loan Program
This new loan pool provides access to capital for small businesses, entrepreneurs, developers, and non-profits that are seeking to stimulate the revitalization of Richmond's neighborhoods and promote permanent job creation for low to moderate-income citizens. Learn more or view the application package here.
Contractor Assistance Loan Program
Provides capital to contractors that lack access to traditional financing. The program provides qualified contractors with flexible terms and conditions. Learn more or view the application package here.
Micro-Enterprise Revolving Loan Program
The Micro-Enterprise Revolving Loan Fund Program is designed to provide financial assistance, training, and counseling services to eligible micro-enterprises. A micro-enterprise is a business that has five (5) or fewer employees, one or more of whom owns the enterprise.
Funds under this program are provided to eligible micro-enterprise businesses in the form of loans with a maximum loan amount of $50,000. The average loan amount will be between $10,000 - $25,000.
Port of Virginia Economic and Infrastructure Development Grant
The Port of Virginia Economic and Infrastructure Development Grant Program (POV Grant) provides a grant to certain Qualified Companies to incentivize companies to locate new maritime-related employment centers or expand existing centers in specified localities in order to encourage and facilitate the growth of The Port of Virginia in accordance with criteria established by legislation. Learn more about the grant here.
Commonwealth of Virginia Incentives
Designed to target the needs of the company and the development plans of localities and the state, Virginia offers a variety of performance-based incentives. Click here to view the full listing of incentives offered by the Commonwealth of Virginia.