Financial Resources for Your Business
Clopton Siteworks is creating a thriving business district in Southside Richmond. Community-minded banks whose missions are aligned with ours offer financial assistance to companies looking to join. Let’s talk about how the listed programs could benefit your business.
- Virginia Community Capital (VCC) Jefferson Davis Corridor Loan Program - Clopton Siteworks sits within the Jefferson Davis Highway Corridor. VCC offers small business loans for equipment or working capital for businesses opening within the Corridor. They offer subsidized rates, credit enhancements, and relaxed underwriting requirements for these loans.
- Local Initiatives Support Corporation (LISC) Southside Richmond Small Business Loan Program - program similar to the above described VCC program that offers small business loans for businesses opening within the Jefferson Davis Highway Corridor.
- VCC Technical Assistant - offers advisory services, including a dedicated fresh food advisor, for small businesses.
- VCC Fresh Food Loan Fund - provides working capital lines of credit, equipment, and real estate loans for businesses working to improve access to fresh food in food deserts.
- Many other grants and incentives focused on job creation in Southside Richmond or reversing food deserts are available.
In addition to direct financial assistance, several organizations and government bodies offer incentives for up-front real estate investment at Clopton Siteworks. Clopton Siteworks is a phased project, re-purposing the twenty-six former tobacco warehouses that make up the site as businesses are interested in occupying them. This means that Clopton Siteworks can work with you to minimize the up-front investment costs of developing your business’ new home.
- Virginia Enterprise Real Property Investment Grant (RPIG) - up to $65-75,000 per building grant (based on past grants)
- City Enterprise Zone Rebates - up to $7,500 rebate for permits, loan fees, and other studies
- City Rehab Tax Abatement - tax assessment held at base year value for 10 years (declining starting year 8). Net present value approximately $15,000 per building.