It pays to locate in Westmoreland County, Virginia. Because when you invest in Westmoreland, we invest in you.
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.
Locating your small business in a HUBZone makes it easier to compete successfully for government and private sector contracts. Qualifying small businesses get preferential treatment in the bidding process and higher (80-90%) government guaranties on surety bonds for construction and service contract bids.
Small businesses located in Westmoreland County stand to benefit even more. Dahlgren, a huge government installation, is just 10 miles from Westmoreland County. Being so close to large government agencies like the Navel Surface Weapons Center, Joint Warfare Analysis Center, Naval Space Command and a large number of prime federal contractors-that do not enjoy HUBZone benefits-substantially leverages your HUBZone bidding advantages, improves your bidding success and increases profitability.
To qualify for HUBZone contracting preferences and benefits:
- Your principal office must be located in the Northern Neck
- Your firm is owned and controlled by one or more U.S. citizens
- At least 35% of your employees live in the Northern Neck.
For details about HUBZone benefits and eligibility, review the Westmoreland County HUBZone PDF.
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)
VSBFA offers programs to provide businesses with access to capital needed for growth and expansion
- Industrial Development Bonds and the Umbrella Bond Program
- Virginia Economic Development Loan Fund
- Loan Guaranty Program
- Child Day Care Financing Program
- Virginia Capital Access Program
- Small Business Environmental Compliance Assistance Fund