Westmoreland County

Montross, VA

Financing

We'll partner with you to find and secure competitive financing. We'll make introductions, determine your eligibility for local, state and federal economic incentives and ensure that lenders and officials understand your project, your business and the programs you're eligible for.

Our Industrial Development Authority (IDA) establishes incentives and policies for businesses to locate and grow in Westmoreland County. It develops and oversees industrial parks and ready-to-occupy shell buildings, like the ones we have in Montross. The IDA can also issue bonds to creditworthy businesses.

An Industrial Development Bonds (IDB) is a tax-exempt municipal bond the County issues to finance a new manufacturing plant or improvements to an existing one. 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.

The Westmoreland County IDA is governed by a 7-member board appointed by the Board of Supervisors.

 

Contact:
James Latane, Chair (info@westmoreland-county.org)
Westmoreland County Industrial Development Authority
Westmoreland County Government Offices
804-493-0130
Fax: 804-493-0134

Mail:
P.O. Box 1000
Montross, VA 22520

Location: 
George D. English, Sr. Memorial Building 
111 Polk Street
Montross, VA 22520

For detailed data and information about the benefits of doing business in Westmoreland County, Virginia, please visit the Virginia Economic Development Partnership and our Resource Library.

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