Business Incentives

Business Incentives

Various incentives, financing options and business assistance are available for new and existing businesses. Please read below for more information:

Enterprise Zones:
The Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia's Enterprise Zones. Prince George County has 1 Enterprise Zone (#16). Please see the map below for the location of Prince George's Enterprise Zone. Residents can also use our GIS Mapping system to see if their business or property is located within our Enterprise Zone. Use the toolbar located on the left-hand side to initiate the Enterprise Zone layer and search for the property address.

Businesses located in the Enterprise Zones can take advantage of local and state incentives. Local incentives are administered through Prince George County, and state incentives are administered through the Department of Housing and Community Development (DHCD). Please find more information below regarding the local and state incentives.
EZ Map

Tourism Zones:
A Tourism Zone is a designated geographic area of a city or county identified for increased growth in tourism related businesses. There is one Tourism Zone in Prince George County, located off of Exit 45 - Interstate 95, on South Crater Road. Please refer to the below map for the Tourism Zone located in Prince George County.

A new or existing Tourism Business may apply through the Tourism Zone to become a Qualified Tourism Business. A Tourism Business is a business whose primary purpose is to establish a desirable destination to attract tourists from outside of the community and create an environment for those visitors that will deliver a memorable experience or promote educational opportunities while increasing travel-related revenue. 

Qualified Tourism Businesses are eligible for tourism zone incentives if:
  • They are an existing business that makes a 125,000 capital improvement and creates five new full-time equivalent jobs; or
  • They are a new business that makes a $250,000 capital improvement and creates ten new full-time equivalent jobs.
Incentives of the Tourism Zone:
  • Discount of 50% on initial connection feeds for water and sewer
  • "Gap" financing through allocation of local sales tax, not to exceed $200,000 in conjunction with the authorized state financing program
  • Rebate of 25% of collected meals tax revenue for new businesses for five years
  • Rebate of 25% of new local sales tax, new meals tax or new transient occupancy taxes for expanded businesses for five years.
  • A guaranteed twenty-one calendar day review process of site plans
Click here for the Tourism Zone Application and Information Packet.
Click here for the Tourism Zone Annual Review Application (for businesses who are currently receiving Tourism Zone benefits).

Exit 45 Tourism Zone Map

Foreign Trade Zones (FTZs):
FTZs 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. No duties are paid if goods are re-exported. Companies do not have to pay duties on broken or scrapped product. Businesses can store goods in FTZs for an unlimited period of time. Companies can manufacture products within FTZs and pay duties at the duty rate of either the foreign parts used or on the finished product, whichever is most advantageous to the company. Prince George County is part of the Richmond FTZ #207. The contact for our Foreign Trade Zone is Russ Peaden 804-266-8520.

Regional Assistance:

  • Crater PDC Revolving Loan Fund Program: This Revolving Loan Fund is for fixed asset and/or working capital projects. Eligible projects should be at least $50,000. Eligible applicants include: for-profit commercial, service, manufacturing and distribution businesses located in the cities of Colonial Heights, Emporia, Hopewell and Petersburg and in the counties of Charles City, Dinwiddie, Greensville, Prince George, Surry and Sussex. These loans are direct, subordinated loans up to $250,000, with the RLF providing up to 50%, with a minimum equity of 10%. For more information on term, rate, collateral and other qualifications, please visit the Crater PDC's website (linked).
  • Crater Small Business Development Center of Longwood University:  The SBDC has been a small resource for 30 years, providing education, consulting, and economic research to support businesses throughout Southern Virginia. The SBDC offers services for aspiring, new and experienced business owners. They provide free classes, consulting and personal consultations to help start or revitalize your business. Business planning, strategic planning, credit information, cash flow management, capital access, marketing planning, market research and legal guidance are just a few of the services offered by the SBDC. Please contact our office for more information on the Crater Small Business Development Center!
  • Crater Career Works 
    The Crater Regional Workforce Development Board creates and sustains powerful connections between businesses and job seekers through Virginia Career Works, a statewide network of employment professionals. 
    • Work Experience Internship Opportunities - Assist participating employers with the opportunity to see how a Job Seeker progresses in the job for up to 320 hours before the decision is made to hire
    • On-the-Job-Training - Employers will be reimbursed up to 75% of the participant's wages during training/employment
    • Incumbent Worker Training - Employers are reimbursed 50% for training projects for existing employees
    • Customized Training - Employers will be reimbursed up to 50% of the training cost
State Assistance:
The Commonwealth of Virginia offers an abundance of wide ranging incentives to financially assist incoming and expanding businesses. Virginia's incentive programs reduce the cost of opening or expanding a business facility, and Virginia Economic Development Partnership works enthusiastically to assist employers who choose to put down roots in Virginia. We view incentives as an investment in Virginia's economic future and a business opportunity for both the commonwealth and the company.
Discretionary State Incentives:
  • Agriculture and Forestry Industries Development Fund (AFID)
  • Commonwealth's Development Opportunity Fund (COF)
  • Major Eligible Employer Grant Program (MEE)
  • Port of Virginia Economic and Infrastructure Development Grant (POV Grant)
  • Virginia Economic Development Incentive Grant (VEDIG)
  • Virginia Investment Performance Grant (VIP)
Financial Assistance:
Infrastructure Assistance:
  • Economic Development Access Program
  • Rail Industrial Access Program
  • Transportation Partnership Opportunity Fund (TPOF)
Recruitment & Training Incentives:
  • Virginia Jobs Investment Program (VJIP)
  • Virginia Talent Accelerator Program
Regional / Site Specific Assistance:
  • Tobacco Region Opportunity Fund (TROF)
  • Virginia Coalfield Economic Development Authority (VCEDA) Financing
  • Virginia Collaborative Economic Development Performance (CED) Grant
  • Virginia Enterprise Zone - Job Creation Grant
  • Virginia Enterprise Zone - Real Property Investment Grant
Tax Incentives:
  • Barge Rail and Usage Tax Credit
  • Commercial & Industrial Sales & Use Tax Exemption
  • Data Center Retail Sales & Use Tax Exemption
  • Green Job Creation Tax Credit
  • International Trade Facility Tax Credit
  • Major Business Facility Job Tax Credit
  • Major R&D Expenses Tax Credit
  • New Company Incentive Program
  • Port Volume Increase Tax Credit
  • Recyclable Materials Processing Equipment Tax Credit
  • Refundable R&D Expenses Tax Credit
  • Worker Training Tax Credit
Federal Assistance:
  • Small Business Administration (SBA): The SBA helps Americans start, build and grow businesses. The SBA is an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise, and to maintain and strengthen the overall economy of our nation. The SBA: provides access to capital for small businesses, provides free counseling and low cost training to new entrepreneurs and established small businesses, assists small businesses with Government contracting, and they advocate at the national level on behalf of small businesses.

  • USDA Rural Development: 
    • Biorefinery Assistance Program (BAP)
    • Business and Industry Guaranteed Loans (B&I Guar.)
    • Intermediary Relending Program (IRP)
    • Rural Business Development Grants (RBDG)
    • Rural Business Investment Company (RBIC)
    • Rural Cooperative Development Grant (RCDG)
    • Rural Energy for America Program (REAP)
    • Rural Energy Pilot Program (REPP)
    • Rural Innovation Stronger Economy (RISE)
    • Rural Microentrepreneur Assistance Program (RMAP)
    • Socially Disadvantaged Groups Grant (SDGG)
    • Rural Community Development Initiative (RCDI) - Community Facilities Program
    • Rural Economic Development Grants (REDG)
    • Rural Economic Development Loans (REDL)
  • Use their Program Discovery Tool to determine what programs you may be eligible for.

  • SERCAP Small Business Loan
    • Offers affordable and flexible financing to small businesses in rural areas. 
    • Loans can be used for a variety of purposes, including working capital, equipment purchases, inventory management, and more. 

  • Black Restaurant Fund
    • LISC makes growth capital investments in restaurants ranging from $25,000 to a maximum of $250,000 with flexible repayment terms.
      Restaurants may use these funds to support growth and expansion plans such as: 
    • Expanding into new locations

    • Diversifying into new product lines, business lines, or business strategies 

    • Streamlining, automating, or creating efficiencies in business processes

Economic Development
6602 Courts Drive, Third Floor
Prince George, VA 23875


Open Monday - Friday
8:30am-5pm, excluding holidays
Yoti Jabri

Director of Economic Development and Tourism

Yoti Jabri 804-722-8611
Email Me

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