Goochland Small Business Expansion Incentive Policy & Application

Please note that funds for the Small Business Expansion Incentive are currently depleted. We still encourage you to reach out to show interest for future funding rounds. If you have any questions, please reach out to Goochland County Economic Development. 

The Goochland County Board of Supervisors and Economic Development Authority are supporting small businesses located in Goochland County by offering a Small Business Expansion Incentive. Grants are intended to support existing small businesses by providing funds to help cover the costs businesses incur during an expansion.

For questions regarding the application, please contact the Goochland County Department of Economic Development at goochlandforbusiness@goochlandva.us or 804-556-5862

Purpose & Overview:

The purpose of the Goochland County Small Business Expansion Incentive program is to encourage and aid Goochland’s existing small businesses with expansion plans. Typically, small businesses are not making investments large enough to qualify for traditional incentives, however, their investments contribute to the overall tax base in Goochland County and are recognized as important to keeping the economy healthy.

Incentives are available for any for-profit small businesses expanding their operations to increase production and grow their business. Funding for this program is limited and is on a first come first serve basis.

Potential Incentive Amounts:

Businesses are eligible to receive up to 5% of their investment, but no more than $20,000, whichever is lower.

General Eligibility & Requirements to Receive an Incentive:

  • Ideal applicants are businesses that strengthen the County’s economy by creating jobs in targeted industries and investing in the quality of their facility;
  • Only small businesses currently operating and based in Goochland County employing 100 or fewer employees;
  • Be a for-profit entity. Non-profits are not eligible;
  • Businesses must have been and continue to be in compliance and in good standing with all local ordinances, on the County tax rolls, current with Goochland County taxes/fees or other assessments, and have a current busi­ness license as required; 
  • Agricultural production operations are exempt from the SCC and County business license filing requirements; however, other documentation must be presented showing that the farm-related business has been in existence in Goochland County;
  • Applicants will be required to attend the EDA meeting to discuss their application;
  • Awarded grantees will be required to enter into a performance agreement with the Goochland EDA;
  • Proof of investment will be required prior to the award of funds. Proof of investment could include, but not limited to; proof of purchase, receipts, copy of check.

Eligible uses of grant funds: 

In order to receive the Small Business Expansion Incentive, the business must make a qualified investment in one of the following areas:

  • Investment to upgrade/improve current site or building, including but not limited to:
    1. Increasing square footage and/or building footprint
    2. Upgrades to the systems in the building e.g., HVAC, electrical, energy efficiency
    3. Any investment that improves the taxable value of the building or property
  • Upgraded and/or new machinery & tools investments:
    1. Investment must be made in an expansion of operations or new equipment to increase productivity. It should not be for general maintenance and/or replacement of existing machinery.
    2. The business will pay the machinery and tools tax on new equipment.

How grants will be reviewed and awarded:

The Department of Economic Development staff will review all applications for eligibility and completeness. Staff will then present applications to the Goochland Economic Development Authority (EDA) for their review and approval. Economic Development Staff and the Economic Development Authority will review all applications for:

  • Economic Impact
    1. Creation of new jobs, while job increases will not be tied to the incentive, applications that will create new jobs will be more competitive
    2. Total Investment
    3. Increase in taxable value and revenue for a five-year period
  • How the incentive will assist the business in its expansion plans
  • Quality and Clarity of Applications

Requests for incentives will generally not be considered if there is evidence that a final decision has been made for a project to move forward and there has been no prior discussion of incentives with County or EDA. Such evidence could include a binding lease or that construction has begun on a facility.

After the performance agreement is finalized, the Economic Development Department will make periodic check-ins with the awardee to ensure the awardee is making progress on their expansion. If the awardee stops making progress on their expansion, funds will be released and can be allocated to a new applicant.

Payment of Incentive:

Payment of the incentive will be made in full once one of the following criteria has been met:

  1. Certificate of Occupancy has been issued; or
  2. Building Permit has been finaled; or
  3. Proof of investment has been submitted to Economic Development Staff and the Economic Development Authority for review and approval.

Application:

Please click here to access the Small Business Expansion Incentive Application. If you have any questions regarding the application, please do not hesitate to reach out to Economic Development Staff.