Incentives & Financing
Accelerate your business.
Whether your business is large or small, new or rapidly growing, Harrisonburg Economic Development can connect you with the right financing program to meet your needs.
- The Harrisonburg Business Loan Program provides up to $25,000 to encourage small business development and expansion. The program provides an alternative to traditional loans making it easier for small businesses to access funding.
- The Small Business Administration (SBA) offers a variety of financing programs to assist small businesses. These programs include the 7(a) Loan Program and the Microloan Program.
- The Virginia Small Business Financing Authority is the Commonwealth of Virginia’s economic development and business financing arm.
- The Virginia Economic Development Partnership offers a variety of financing and incentive programs in cooperation with Harrisonburg Economic Development.
- Shenandoah Valley Angel Investors (SVAI) is a network of private investors that help fund entrepreneurial enterprises located in our communities. SVAI’s primary interest is Start-Up/ Early Stage business ventures with funding needs in the range of $50,000 to $300,000 that leverage technology to create a new product or service. A review committee assesses and ranks business proposals based on several factors, including: market potential, scalability, new job creation, intellectual property, competition, management team, business acumen, capital intensity and potential return on an equity investment. To learn more about SVAI, contact firstname.lastname@example.org.
Business Incentive Zones
There are a variety of special business incentive zones in Harrisonburg:
- HUB Zones offer special incentives for government contractors.
- The Harrisonburg Technology Zone offers special incentives for technology companies.
- The Economic Revitalization Zone and the Retail Revitalization Zone offers special incentives for new construction projects.
- The Arts and Cultural District offers BPOL and Admission tax exemptions.
Workforce Development Assistance
- The Shenandoah Valley Workforce Development Board can assist your business in recruiting and training employees.
- Valley Career Hub is a collaborative effort among the business, education, and economic development communities in the Shenandoah Valley to broaden awareness of high-demand, high-growth, high-wage careers in our region and promote local training opportunities for these careers.
- The Virginia Jobs Investment Program (VJIP) is a state economic development initiative that provides services and funding to companies creating new jobs or experiencing technological change.
Commonwealth of Virginia Incentives
The Commonwealth of Virginia created a one stop shop for visitors to identify the full suite of economic development incentives available from the state. The list of programs can be found at www.virginiaincentives.org/programs.
Tax Credit Programs
Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability. For a complete list and detailed information, visit www.tax.virginia.gov/content/tax-credits.
- Through the federal and state rehabilitation tax credit programs, property owners are given substantial incentives for private investment in preservation. State tax credits are available for owner-occupied, as well as income-producing buildings. If your property is income-producing, you may also be able to take advantage of federal tax credits.