Enterprise Zone Grants

Virginia's Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia's enterprise zones located throughout the state. Highlands Business Park is located in the Washington–Smyth County Joint Enterprise Zone (Glade Spring and Chilhowie, Virginia area), resulting in eligibility for tax credits and job grants. Details of the Virginia Enterprise Zone grant programs:

Job Creation Grant

• Creation of at least 4 net new permanent full-time jobs
• Up to $500/year net new permanant, full-time job earning at least 175% of Federal minimum wage with health benefits
• Up to $800/year new new permanant full time job earning at least 200%of Federal minimum wage with heath benefits
• Excludes retail, personal, service, or food & beverage positions
• Available for a 5-consecutive year term for net new permanant full-time jobs above the 4-job threshold which meet wage and health benefit requirement

Real Property Investment Grant

• Commercial, industrial or mixed-use buildings or facilities
• For rehabiliation & expansion, at least $100,000 incurred in qualified real property investments
• For new construction, at least $500,000 incurred in real property investments
• Up to $100,000 per building or facility for qualifying real property investments of less than $5 million
• Up to $200,000 per building or facility for qualifying real property investments of $5 million or more
• Capped per building or facility at maximum of $200,000 within a 5-consecutive year term

Click here for more information on Virginia's Business Incentives.