SMYTH COUNTY ECONOMIC DEVELOPMENT
“It is about forming connections and relationships to understand the company’s needs, that allows us put together an incentive package that makes a positive impact and removes any barriers to success.” – Kendra Hayden, Smyth County’s Economic Development Project Manager
“The Smyth County Economic Development Authority strives to foster growth and development with existing industries and businesses, as well as new businesses to the county. The close working relationship between the EDA, County Board of Supervisors, and regional economic development organizations has resulted in significant, innovative approaches to support workforce development and education, community development, and business growth.”– John McLean, Jr. Chairman, Smyth County Economic Development Authority
The Local Economic Development Office, the Smyth County Economic Development Authority and the Smyth County Board of Supervisors pride themselves on assembling incentive packages that meet the specific needs for each project.
Scholle, IPN is an innovative packaging manufacturer serving the food and beverage, automotive, cleaning, personal care and pharmaceutical sectors. Scholle IPN has been a valued corporate patron in Smyth County since 1996 and has been a strong community partner. The establishment of Scholle IPN in Smyth County in 1996 has led to multiple expansions, including their current active expansion project. A key role in the latest expansion was the incentives that were offered and tailoring those incentives to the company’s needs. Watch the video below to learn more
A discretionary incentive available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a matching basis, with the expectation that the grant will result in a favorable location decision for the Commonwealth. Grants are determined by using an ROI analysis that evaluates the project’s capital investment, number of new jobs, and average wage over a 3 year period.
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Provides monetary grants to localities in Virginia’s tobacco producing regions to assist in the creation of new jobs and investments, whether through new business attraction or existing business expansion. Grants are determined by using an ROI analysis that evaluates the project’s capital investment, number of new jobs, and average wage over a 3 year period.
The Virginia Jobs Investment Program (VJIP) is a discretionary program that provides funding to companies creating new jobs or experiencing technological change to reduce the human resource development costs for new companies, expanding companies, and companies retraining their employees.
Funding for each net new full-time job created or full-time employee retrained is based on a customized budget determined by an assessment of the company’s recruiting and training activities, as well as the project’s expected benefit to the Commonwealth, and is subject to approval by the Secretary of Commerce and Trade.
For more information check out Virginia Economic Development Partnership’s website.
The Virginia Enterprise Zone program assist with business development and expansion in specially targeted areas throughout the state called “Enterprise Zones”. The following are the different enterprise zone grants available, through Department of Housing and Community Development.
Real Property Investment Grant
Real Property Investment Grants (RPIG) are cash grants are determined by the type and amounts of real property investment.
Virginia Enterprise Zone Job Creation Grant
Job Creation Grants (JCG) are cash grants paid in annual installments per new qualifying job created over five years. Grants are determined by number of new qualifying jobs and current federal minimum wage rates.
Opportunity Zones are a federal economic development and community development tax benefit established as part of the 2017 Tax Cuts and Jobs Act available to investors with capital gains designed to encourage long-term private investment in low-income urban, suburban and rural census tracts.
For more information visit DHCD’s website.
AFID grants are made to localities at the discretion of the Governor with the expectation that the grant will be critical to the success of a project, which will result in creation of new jobs and investment from companies that add value to Virginia-grown agriculture and forestry products.
Grants may be used for a variety of purposes, including public and private utility extension or capacity development on- and off-site; high-speed or broadband internet access extension or capacity development; road, rail, or other transportation access costs beyond the funding capability of existing programs; site acquisition; grading, drainage, paving, and any other activity required to prepare a site for construction; construction or build-out of buildings; or training.
For more program information, please refer directly to the Virginia Department of Agriculture and Consumer Services.
These were developed to complement Virginia’s state enterprise zone incentives but do not have to be used together. If your business is located in the enterprise zone, you are eligibile for the local incentives listed below.
Zone 51 Map
Zone 6 Map
Smyth County offers discretionary incetives for completitive projects evaluating a Smyth County location or expansion. Each project is evaluated by using an ROI analysis that evaluates the project’s capital investment, number of new jobs, and average wage, typically over a three year period.
Contact us today to learn more.
121 Bagley CircleSuite 100Marion, Virginia 24354
Phone 276-783-3298 ext. 8304
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