Prince George County, Virginia is committed to business development and being the best place to work in the region! From Virginia's "right to work" status to the pro-business posture of our local government, Prince George supports business. The County provides assistance and resources to encourage economic growth and business development for all companies – from small businesses to large industry.
You will see that it’s easy to conduct business in Prince George. Here, we’ve provided the tools you need from start up to finish to expansion.
You belong in Prince George!
Business Development Information
Prince George County is the right place to develop your business. Our Resources section has in-depth data about Prince George so you can see how our labor force and laws can support your business.
Virginia Small Business Financing Authority (VSBFA): offers programs to provide business with access to capital needed for growth and expansion. As follows:
- Industrial Development Bond Program & Umbrella Bond Program
- Virginia Economic Development Loan Fund
- VSBFA Direct
- Loan Guaranty Program
- Child Day Care Financing Program
- Virginia Capital Access program
- Small Business Environmental Compliance Assistance Fund
- Real Estate & Capital Equipment Programs
- Virginia Enterprise Initiative (small business)
- Virginia Community Development Loan Fund Microloan Program
(startup & small business)
Community Development Block Grants (CDBG): Grants are available to eligible localities for off-site activities such as water and sewer extensions or treatment facilities and road & rail access. Funds may be available for on-site assistance that supports economic development, subject to underwriting.
Crater Development Company (CDC): The business loan arm of the Crater Planning District Commission which serves Prince George County. Loans programs are available to existing and prospective small business:
- Revolving Loan Fund
- SBA 504 Loan Program
- Microbusiness Development Program
Prince George Industrial Development Authority (IDA): Issues tax-exempt Industrial Revenue Bonds (IRB’s) to new and expanding manufacturing business.
- Major Business Facility Tax Credit: Qualified businesses locating or expanding in Virginia receive a $1,000 corporate income tax credit for each new full time job created over 100 jobs. (not available to businesses utilizing Enterprise Zone job grants.)
- Recycling Equipment Tax Credit: An income tax credit, to manufacturers, of 10% of original total capitalized cost of certified machinery and equipment purchase for processing recyclable materials.
- Day Care Facility Investment Tax Credit: Businesses may claim a tax credit of 25% of all expenditures incurred in the construction, renovation, planning or acquisition of facilities for the purpose of providing day care for children of the business’s employees. Max. Credit: $25,000
- Worker Retraining Tax Credit: Virginia employers will be eligible to receive an income tax credit equal to 30% of all expenditures made by the employer for eligible worker retraining. The credit has a spending cap of $2.5 million in any taxable year. Eligible worker retraining consists of course at Virginia community colleges and private schools, certified by the Department of Business Assistance or retraining programs through apprenticeship agreements approved by the Virginia Apprenticeship Council.
Enterprise Zone Program: provides cash grants for new job creation and real property investment from the state plus additional incentives from Prince George County.
Workforce Services Program: offers customized recruiting and training assistance to companies creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding businesses.
Three distinct programs require minimum $8.00/hour wage to qualify as follows:
- New Jobs Program
- Small Business New Jobs Program
- Retraining Program
Virginia Investment Partnership Fund: is a discretionary performance incentive designed to encourage continued investment by Virginia businesses. The program is targeted to companies that have operated in Virginia for at least 5 years and propose projects that fall into one of two categories:
- Virginia manufacturers or research & development service supporting manufacturing that make a capitalized investment of at least $25 million, while at least maintaining stable employment levels;
- Virginia major basic employers (manufacturing & non-manufacturing) that make a capitalized investment of at least $100 million and create at least 1,000 new jobs (minimum of 400 jobs, if avg. wage is at least twice the area’s prevailing avg. wage).
Governor’s Opportunity Fund (GOF): supports economic development projects that create new jobs and capital investment according to state guidelines. As follows:
- Project investment & job creation are achieved
- Locality participates with matching financial commitment
- Project is not an intrastate relocation
- Performance agreement is effected between the locality and the business to ensure fulfillment of promised job creation and investment
- Public announcement of the project is coordinated by the Virginia Economic Development Partnership (VEDP). Prince George may submit an application for this incentive on behalf of a business.
Solar Photovoltaic Manufacturing Grant: is a performance-based incentive designed to encourage product development and manufacture of a high-technology, renewable energy source in Virginia.
Any manufacturer who sells solar photovoltaic panels manufactured in Virginia is entitled to receive an annual grant of up to $0.75/watt of the rated capacity of panels sold. Rate is $0.75/watt sold years 1-2; Rate is $0.50/watt sold years 3-4; $0.25/watt sold years 5-6.
Foreign Trade Zone: (FTZ) Southpoint Business Park is a sub-zone of FTZ#207/Richmond International Airport. Imported goods held in the FTZ are not subject to US Customs duties until they leave the zone and enter the US for domestic consumption. Duties are not paid on broken or wasted product or on items that are exported.
Industrial Access Road Program: Virginia Department of Transportation (VDOT) administers this program to assist new and expanding business and industry in building adequate industrial access roads. The program may be utilized as follows:
- Improve existing secondary highway system roads and city street to handle traffic;
- Construct a new road from a publicly maintained road to the new industry’s property when no road exists
Rail Industrial Access Program:
Virginia Department of Rail & Public Transportation administers this program to provide funds to construct, reconstruct or improve part or all of the necessary tracks and related facilities to new or substantially expanded industrial and commercial projects having a substantial investment and new jobs creation.