Incentives & Financial Tools
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 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 Virginia Enterprise Zone program is a partnership between state and local government that stimulates job creation and private investment within designated areas throughout the state. The City of Richmond currently has two (2) Enterprise Zones. For each of these zones, applicants may be eligible for local and state incentives.
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 Program
• Brownfields EZ rebate
• Machinery and Equipment Rebate
• Employment Assistance Grant
• Loan Fee Rebate
• Business Relocation Rebate
• Development Fee Rebate
To learn more about the Enterprise Zone Program, please click here.
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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)
CARE helps revitalize mature neighborhood districts. Eleven CARE areas and two Extra-CARE areas are designated as qualified to receive incentives such as exterior and interior rehabilitation, security improvement, water sprinkler system, as well as loans. Learn more.
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.
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.
Contractor Assistance Loan Program
Provides capital to contractors that lack access to traditional financing. The program provides qualified contractors with flexible terms and conditions.
Arts & Cultural District Micro-Enterprise Revolving Loan Program
Provides capital to small businesses, entrepreneurs, developers and non-profits that seek to stimulate the arts and revitalization of Richmond's designated Arts & Cultural District and promote permanent job creation for low to moderate income citizens. Learn more.
Port of Virginia Economic and Infrastructure Development Grant
This is a one-time cash grant based on new, permanent full-time positions that involve maritime commerce or exporting or importing manufactured goods through the Port of Virginia. Learn more.
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.