Staunton’s economic development team works with you to make your vision for your business a reality. Staunton offers multiple and customized incentive programs to both small and large businesses. Incentives include:
- Special tax breaks and financial incentives for qualifying businesses
- Expedited Permitting
- Enterprise Zone Grants
- New Markets Tax Credits (in designated parts of the city)
- Historic Rehabilitation Tax Credits (in designated parts of the city)
- Access to financing, grants and loans through partnerships with public and private lenders, including the Staunton Creative Community Fund and Shenandoah Valley Angel Investors, which provide start-up loans and expansionary loans to innovative and small businesses
Additional incentives are available through the Commonwealth of Virginia.
Applications for state grants are due on April 1st each year and are submitted to the Commonwealth of Virginia through the Virginia Department of Housing and Community Development.
Job Creation Grants are based on:
- Permanent full-time job creation over a four-job threshold, wage rates of at least 175% of the Federal minimum wage, and the availability of health benefits;
- Personal service, retail, food and beverage businesses are not eligible to apply for job creation grants; and
- The amount of the grant will be based on the wages paid for those grant eligible positions.
Real Property Investment Grants are based on:
- Qualified real property investments made by any individual or entity to a commercial, industrial, or mixed use building or facility in a designated Virginia Enterprise Zone;
- For existing building renovation, a minimum of $100,000 must be spent in order to apply for the grant. For new construction, a minimum of $500,000 must be spent in order to apply for the grant.
- The amount of the grant is 20 percent of the cost of qualified real property investment over the threshold ($100,000 for rehab and $500,000 for new construction) and is capped per building or facility;
- The grant is capped at $100,000 per building or facility for investments less than $5 million, and $200,000 for investments of $5 million or more.