Local Incentives

Façade Grant Program – The City of Buena Vista offers a façade grant program for exterior renovations to commercial properties in the mixed-use zoning district downtown. Grants are reviewed and administered by the Economic Development Authority of the City of Buena Vista. Grants are available to building owners or businesses who are operating out of the facility, with owner’s permission to renovate the facility. The grants are based on a 50% rebate on the amount of the renovation up to a total grant of $7,500. Grants will be administered until funding for the year is depleted; Funding cycles start on July 1 of each year.

Revolving Loan Fund – The City of Buena Vista manages a revolving loan program for small businesses to provide needed capital for business start-up and improvements. Loans are provided with funding received through USDA Rural Development. Applications are reviewed by committee. Maximum loan award is $15,000 at 3% interest over three years.

Business Planning – The City of Buena Vista partners with the Small Business Development Center (SBDC) to offer a range of business strategy and startup assistance. The SBDC offers classes locally and regionally, as well as one-on-one meetings in Buena Vista. Check out their website: https://www.valleysbdc.org/.

Opportunity Zone – The entire City of Buena Vista is a designated Opportunity Zone. For more information on Opportunity Zones, see https://www.dhcd.virginia.gov/opportunity-zones-oz.

Tourism Zone – Buena Vista’s downtown is designated as a Tourism Zone, which provides local business license and real estate tax incentives as well as qualifying projects for the Virginia Tourism Corporation’s Tourism Development Financing program. See https://www.vatc.org/tourismzones/ and https://www.vatc.org/tdfp/.

For more information on each of these, contact the Tom Roberts, Director of Community & Economic Development, at troberts@bvcity.org.

State Programs

The Commonwealth of Virginia continues its trend as one of the best states for business and offers the following incentives to businesses looking at conducting business in the state.

Commonwealth’s Opportunity Fund is a discretionary incentive available to the Governor to secure a business location or expansion project in Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.

Virginia Investment Partnership Grant is a discretionary performance incentive designed to encourage continued capital investment by Virginia companies, which result in added capacity, modernization, increased productivity, or the creation, development, and utilization of advanced technology. Virginia values its existing businesses and enacts grants to support their success.

Virginia Jobs Investment Program is an incentive program offering customized recruiting and training assistance to companies that create new jobs or experience technological change. The program is designed to reduce human resource development cost by providing direct funding to new and expanding companies that meet program qualifications.

Governor’s Agriculture and Forestry Industries Development Fund invests in agricultural industries through strategic grants made to businesses that add value to Virginia-grown agricultural and forestal products.