Commonwealth of Virginia & Federal Programs
Commonwealth Opportunity Fund Grant
A grant to assist new or expanding companies that are making a significant new investment and creating a substantial number of new jobs in Virginia
Tobacco Region Opportunity Fund Grant
A grant to assist new or expanding companies that are making a significant new investment and creating a substantial number of new jobs in the tobacco region of Virginia. Franklin County is one of only forty-one localities eligible for this funding.
Virginia Jobs Investment Program
The program provides cash grants, customized recruiting, and training services to companies creating new jobs or experiencing technological change. It reduces the human resource development costs of new and expanding companies throughout the Commonwealth.
Major Business Facility Job Tax Credit
Companies locating or expanding in Virginia receive a $1,000 corporate income tax credit for each new full-time job created over a threshold number of jobs. The credit is taken in equal installments over two years and unused credits may be carried over for up to 10 years.
Virginia Small Business Financing
The Authority offers numerous programs to provide businesses with capital needed for economic growth and expansion. Programs available and administered by the Authority include Industrial Development Bonds, the Economic Development Loan Fund, the Loan Guaranty Program, the Virginia Capital Access Program, and the New Markets Tax Credit Program to name but a few.
Foreign Trade Zone (FTZ)
Foreign trade zones allow businesses to defer paying U.S. Customs duties on imported goods held within the zones until the goods enter the United States for domestic consumption. Businesses are allowed to store goods within foreign trade zones for an unlimited period of time and to manufacture within the zone with favorable customs implications. Franklin County is served by the New River Valley Airport FTZ Number 238.
Other Programs & More Information
These and numerous other assistance programs are available to qualifying businesses.