Business Works in Henrico
Henrico and the Commonwealth of Virginia are proud to partner with businesses, supporting their growth goals and strengthening the investments needed to achieve them. Numerous incentives and financing opportunities are available to give qualifying businesses an added advantage.
Local Incentives
Henrico supports businesses through a variety of targeted incentives.
Virginia Incentives
The Commonwealth of Virginia is committed to driving business success with comprehensive incentives that fuel innovation and growth.
Financing Options
A variety of financing options are also available for qualifying businesses.
Local Incentives
Henrico is committed to creating a thriving economic environment for new and expanding businesses by offering a variety of performance-based, targeted incentives.
Local Incentives
Henrico Tomorrow is a robust collection of initiatives and incentives to modernize offices. It is the culmination of a years-long effort to elevate office space in Henrico to premier status.
Reinvest: Commercial Investment Tax Abatement Program
Businesses may receive a partial tax exemption for rehabilitated commercial or industrial buildings. Qualifying office properties may be eligible for even greater benefits through the Enhanced Reinvest program.
Greater Henrico Technology Zone
Initially designed to support Henrico’s growing technology industry, this program provides permit and planning fee waivers, custom incentives, and more for every office building in Henrico.
Office Reimagining Grant
Grants of up to $25,000 are available for architectural services performed by a Virginia-licensed architectural firm related to redesign or reuse of a qualifying, existing office building.
Local Incentives
Location-based incentives
Henrico offers a range of incentives to encourage business growth, development, and property revitalization.
Enterprise Zone
Henrico has identified special areas, called Enterprise Zones, which have been approved by the state as being eligible for incentives designed to stimulate business development and job growth. We encourage businesses located within these zones to take advantage of state and local incentives.
Henrico Investment Program (HIP)
Henrico created HIP to boost commercial and industrial development by offering special incentives that go beyond our current Enterprise Zone. We have also expanded the commercial rehabilitation tax credit program to permit more buildings to qualify!
Henrico Enterprise Zone/Henrico Investment Program Properties
Click on a highlighted location for property information.
Local Incentives
Discretionary Incentives
Discretionary incentives are available for qualifying projects based on their economic impact and are subject to a performance agreement and approval by the Henrico County Board of Supervisors.
Fast Track Review Process
Qualifying projects can benefit from an accelerated permitting and review process, helping construction and build-out move forward without delay.
Customized Incentives
Customized financial incentive packages are available for projects with significant investment and job creation.
Virginia Incentives
Virginia’s incentive programs reduce the costs of opening or expanding a business and work to assist employers who choose to put down roots and grow in the Commonwealth.
Agriculture & Forestry Industries Development Fund (AFID)
AIFD provides disrcetionary grants for projects that add value to Virginia-grown agriculture and forestry products.
Commonwealth’s Development Opportunity Fund (COF)
The COF provides discretionary grants approved by the Governor to secure company locations or expansions in Virginia.
Virginia Enterprise Zone Program
Grants are available for creation of high-wage jobs with benefits or for property investment through rehabilitation, expansion, or new construction in designated Enterprise Zones.
Virginia Investment Performance Grant (VIP)
VIP provides grants to existing Virginia manufacturers or manufacturing-related research and development services that continue capital investment in the Commonwealth.
Virginia Jobs Investment Program (VJIP)
VJIP provides discretionary services and funding to companies creating new jobs or implementing technology to reduce human resource development costs.
Virginia Talent Accelerator Program (V-TAP)
VTAP provides world-class, customized training and recruitment solutions at no cost to qualified new and expanding companies as an incentive for job creation.
Financing Resources from Henrico EDA
Explore funding options through Henrico EDA and its partners to help your business start, grow, and succeed — from bonds to microloans.
Industrial Revenue Bonds
Henrico Economic Development Authority issues tax-exempt Industrial Revenue Bonds to help eligible nonprofits and private entities finance major capital projects—such as facilities, equipment, or expansions—at lower interest rates.
Henrico County Small Business Loan Fund
Administered by Henrico partner Bridging Virginia, the Henrico County Small Business Loan Fund offers 0% loans from $10,000 to $75,000—plus coaching—to help qualifying small businesses grow.
KIVA
Through a partnership with a trusted community-backed microloan platform, Kiva, Henrico entrepreneurs gain access to 0% interest loans and a network committed to helping their businesses grow.
Other Financing Options
Child Care Financing Program
Zero-interest loans are available through the Virginia Small Business Financing Authority for qualifying child care providers to upgrade equipment, improve safety, and enhance learning environments, with up to seven years for repayment.
C-PACE (Commercial Property Assessed Clean Energy)
The Virginia PACE Authority offers flexible financing, repaid through local property assessments, that helps property owners make buildings more energy efficient and environmentally sustainable.
Economic Development Loan Fund
The Virginia Small Business Financing Authority offers this companion loan for fixed asset financing needs, filling the funding gap for between a bank’s loan and private equity.
Microloan Program for Small Businesses
The Virginia Small Business Financing Authority offers low-interest microloans up to $150,000 to help existing small businesses grow, create jobs, and cover working capital needs.
Virginia Small Business Financing Authority (VSBFA)
As an arm of the Virginia Department of Small Business and Supplier Diversity https://sbsd.virginia.gov/, the VSBFA offers a variety of other financing programs to promote economic growth and business expansion across the Commonwealth.
For more information on this topic, contact:
Andrew Larsen
Managing Director