Virginia Small Business Funding
In Fairfax County, ensuring that small businesses succeed is our top priority.
How can Fairfax County help your start-up hit the ground running? It doesn’t hurt that Virginia is ranked the 16th lowest corporate tax state in the nation by the Tax Foundation, and Fairfax County has the lowest BPOL tax rate for most business sectors in Northern Virginia. In Virginia, small business funding is of the utmost importance.
Fairfax County and Virginia provide fast, easy and secure methods for businesses to manage their tax responsibilities.
Scroll down the page to learn more about state and local taxes, as well as incentives and funding options available to you.
Fairfax County has a fair and competitive tax structure and a strong commercial tax base that helps support our quality of life. As for the state, the Commonwealth of Virginia has not raised its corporate income tax rate since 1972. In the meantime, the latest fact sheet provides all of the essential Fairfax County tax information.
State incentive programs are designed to attract—and keep—businesses here. The FCEDA is here to connect you with them. Some of the major incentives include:
The Virginia Jobs Investment Program (VJIP) is an economic development incentive that supports the creation of new jobs and investment in the Commonwealth by offsetting recruiting and training costs for new and expanding companies. Eligibility is limited to growth by qualified companies in these sectors: corporate headquarters, distribution centers, information technology, manufacturing, research and development, and shared service centers. VJIP consists of three initiatives:
The New Jobs Program focuses on expansions of existing companies or new facility locations. The Small Business New Jobs Program is designed specifically for Virginia companies that have 250 employees or fewer company-wide.
The Retraining Program is limited to projects by for-profit companies in the manufacturing and distribution center sectors. This program is limited to projects by for-profit companies in the manufacturing and distribution center sectors, not nonprofits. This program provides services and funding to help them upgrade the skills of their existing employees.
Other Virginia Programs: The Office of the Governor provides resources to qualifying companies based on criteria established by state legislation to promote the creation of new jobs and investment. These programs are usually used for activities such as transportation access, infrastructure improvements or other site-related developments.
Fairfax’s proximity to Washington, D.C., also provides easy access to federal government help. The SBA and SBDC are located nearby to assist with the small business capital access fund and the Virginia Small Business Resiliency Fund program. Virginian businesses have been able to access grant programs and microloans to assist them with difficulties caused by coronavirus during the pandemic. The Virginia Department of Housing and Community Development can help executive directors and borrowers with CDFI funds.
Virginia Small Business Funding Resources
Our diverse businesses and entrepreneurs energize the entire community in a climate that’s driven by innovation and entrepreneurship—and the FCEDA is here to help fuel that spirit of innovation and resiliency with connections to venture capital, resources and other financial help in Fairfax County.
Since 2003, the FCEDA offers an Entrepreneurship 101: Starting a Business in Fairfax County seminar. At these free workshops, representatives from the FCEDA and Fairfax County gov, the Community Business Partnership, the Virginia Department of Small Business and Supplier Diversity, and the U.S. Small Business Administration give helpful presentations and webinars on a wide range of topics and issues. More than 5,000 entrepreneurs and would-be business owners have attended one of these sessions. One can receive information on technical assistance, grant funding, community development financial institutions, and more. There are also programs to help with more modern topics, such as ecommerce, social media, and how to reach underserved target markets.
Innovative Fairfax County companies receive millions of dollars in venture capital and private-equity loan capital financing from lenders every year. Law firms, accounting firms and banks that specialize in serving the venture community also have a growing presence in the county with loan programs to aid the local businesses. The Capital Investment in Fairfax County fact sheet can give you all the details.
The FCEDA’s Capital Attraction Program is all about enhancing the county’s visibility as a location for entrepreneurs to start and grow their businesses. If you are an equity investor or affiliated with a venture capital firm interested in doing business in Fairfax County contact FCEDA’s Capital Attraction Program.
Virginia Small Business Resiliency Fund Program
Virginia Small Business Resiliency Fund Program
In January of 2022, the Governor of Virginia announced the new Virginia Small Business Resiliency Fund program. This program will help to support small businesses by awarding grants to different projects throughout the state. The Governor stated, “These grants will provide needed support to our businesses to face the challenges of the pandemic.”
The fund was developed by the Department of Housing and Community Development and has allocated nearly $10 million for small business support in the year of 2022. Organizations receiving grants focused on Northern Virginia included Fairfax County-based Community Business Partnership, Arlington County-based ECDC Enterprise Development Group and the Latino Economic Development Corporation of Washington, D.C.
To see if your small business is eligible and learn more about the program, visit the Virginia DHCD page for more information.