It pays to locate in Westmoreland County, Virginia. Because when you invest in Westmoreland, we invest in you.
Industrial Development Authority (IDA)
Our Industrial Development Authority establishes incentives and policies for businesses to locate and grow in Westmoreland County.
The Westmoreland County IDA issues tax exempt Industrial Development Bonds (IDB) to finance new manufacturing plants or improve existing ones. IDBs are an attractive alternative to conventional financing.
- Lower interest rate. Interest earned on IDBs is exempt from federal income tax, so rates are lower than conventional loans.
- 100% financing. You can fund 100% of project costs, up to $20 million.
- Long-term financing. IDBs may have an average maturity of up to 120% of the economic life of the financed assets.
Over 10,500 acres in the Northern Neck are designated as Enterprise Zones. Locate your business in an Enterprise Zone and tap into a lucrative package of state and local incentives like tax credits and grants. Westmoreland County sweetens the pot with monetary incentives for businesses that
- create 25 new full-time jobs
- invest $250,000
- Pay an average annual wage that's at least 125% of the average wage for our area.
Westmoreland County Enterprise Zones are located near Montross and Kinsale.
Governor's Opportunity Fund
Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
Virginia Jobs Investment Program (VJIP)
A program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies.
Virginia Investment Partnership Grant Fund
A discretionary investment performance grant program for existing Virginia manufacturers, research and development services supporting manufacturing, and large basic employers. The program is targeted to companies that have operated in Virginia for at least five years, which are proposing expansion projects meeting certain criteria.
Virginia Small Business Financing Authority (VSBFA)
The VSBFA helps Virginia's start-up, existing & prospective businesses through an extensive portfolio of financing programs. The Authority helps Virginia's financial institutions offer business loans that they might not be able to offer without assistance from this program. The VSBFA also offers grants to individual investors in qualifying small businesses. The VSBFA offers financing programs which can provide:
- Direct loans for Economic Development projects (fixed asset purchases such as land, buildings & equipment)
- Cash Collateral and Loan Guaranties to help Banks lend to Small Businesses
- Microloans, Child Care Loans, and Investment Grants for Small Businesses
- Cash Collateral, Loan Guaranties, Direct Loans, and Microloans for Existing Businesses, Minority-Owned Businesses, and Tourism Related Businesses
- A Child Care Financing Program for Licensed Child Care Centers & Family-Home Providers
- Bond Financing for Small Manufacturers & 501(c)(3) Non-profits