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Smyth County Economic Development

Enterprise Zones

Enterprise Zone Objectives...

• Promote the area’s revitalization through an increase in
  economic activity.

• Stimulate private investment & job creation in the area.

Retain & expand commercial & industrial facilities presently located in the zone.

Attract new industry and business to vacant sites within the zone.

Provide tax benefits for locating or expanding an existing business in the Zone.  

 

 

 


Chilhowie Enterprise Map (Acrobat Reader PDF)
 

Saltville Enterprise Map (Acrobat Reader PDF)
 

  Atkins/Marion Enterprise Map (Acrobat Reader PDF)
 

State Incentives

Job Creation Grants

  • Businesses are eligible to receive job creation grants, over a five-year period, if new permanent full-time jobs are created above a four-job minimum. 
     
  • Grant amounts are based on the amount each created job pays in wages and health benefits.  Jobs that pay 200% more than the federal minimum range and provide health benefits will be eligible to receive a grant of $800 every year for five years.  Jobs that pay above 175% of the minimum wage and provide health benefits, but pay below 200% of the minimum wage will be eligible to receive a grant of $500 every year for five years.  Any job that pays less than 175% of the minimum wage or does not provide health benefits will not be eligible for grants. 
     
  • Jobs are not available to retail, local service, or food/beverage establishments
     
  • These grants are based on a calendar year, and any position that is filled for less than a year will be prorated based on the number of months worked in that position
     
  • A business can apply for a grant for up to 350 new jobs per year

 

Real Property Investment Grants 

  • 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;
     
  • An investment of greater than $100,000 for rehabilitation projects (grants are issued for up to 20 percent of anything spent in excess of the $100,000 threshold)
     
  • An investment of greater than $500,000 for new construction projects (grants are issued for up to 20 percent of anything spent in excess of the $500,000 threshold)
     
  • 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.
     
  • Mixed-use projects are eligible to receive real property investment grants if at least 30% of the project is for business. 
     
  • An entity or individual who is making the investment can receive a real property investment (Can be building owner/investor or business).
     
  • There are no job creation requirements for this grant
  
   


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Official site of Smyth County, Virginia
121 Bagley Circle, Suite 100, Marion, VA 24354 Phone:(276)783-3298 Fax:(276)783-9314

For technical questions about this site please contact the webmaster
Last Updated Tuesday, March 23, 2010