Franklin County, along with the Commonwealth of Virginia and the United States Government, offer a number of programs to assist new and expanding businesses. This assistance can come in the form of grants, loans, tax incentives, workforce training, technical assistance, and/or programs that reduce the cost or complexity of doing business. Below is a brief description of the most commonly accessed programs for growing companies. For full details and a comprehensive review of what assistance your project may qualify for, please contact the Franklin County Economic Development office.
Local Franklin County Programs
Franklin County Job Creation Grant
A grant to assist new or expanding companies that are making a significant new investment and creating a substantial number of new jobs in Franklin County. Award amount is based on the size of the investment and number of jobs created or saved and will vary for each business project.
Franklin County Training Grant
A training program to assist local employers with their training needs in order to expand their businesses and/or retrain existing employees. Companies are eligible for up to $150 per employee trained not to exceed $5,000 per request.
Town of Rocky Mount Business Development Grant
A grant to assist new or expanding companies that are making a significant new investment and creating a substantial number of new jobs within the Town of Rocky Mount. Award amount is based on the size of the investment and number of jobs created or saved and will vary for each business project.
Fast Track Permitting
Expedited review of plans and, upon approval, issuance of necessary building, erosion and sediment control, and zoning permits.
Tax-Exempt Industrial Development Bonds
Lower interest bond financing for manufacturing firms locating or expanding in Franklin County.
Commonwealth of Virginia & Federal Programs
Commonwealth Opportunity Fund Grant
A grant to assist new or expanding companies that are making a significant new investment and creating a substantial number of new jobs in Virginia
Tobacco Region Opportunity Fund Grant
A grant to assist new or expanding companies that are making a significant new investment and creating a substantial number of new jobs in the tobacco region of Virginia. Franklin County is one of only forty-one localities eligible for this funding.
Virginia Jobs Investment Program
The program provides cash grants, customized recruiting, and training services to companies creating new jobs or experiencing technological change. It reduces the human resource development costs of new and expanding companies throughout the Commonwealth.
Major Business Facility Job Tax Credit
Companies locating or expanding in Virginia receive a $1,000 corporate income tax credit for each new full-time job created over a threshold number of jobs. The credit is taken in equal installments over two years and unused credits may be carried over for up to 10 years.
Virginia Small Business Financing
The Authority offers numerous programs to provide businesses with capital needed for economic growth and expansion. Programs available and administered by the Authority include Industrial Development Bonds, the Economic Development Loan Fund, the Loan Guaranty Program, the Virginia Capital Access Program, and the New Markets Tax Credit Program to name but a few.
Foreign Trade Zone
Foreign trade zones allow businesses to defer paying U.S. Customs duties on imported goods held within the zones until the goods enter the United States for domestic consumption. Businesses are allowed to store goods within foreign trade zones for an unlimited period of time and to manufacture within the zone with favorable customs implications. Franklin County is served by the New River Valley Airport FTZ #238.
These and numerous other assistance programs are available to qualifying businesses.
To download the Virginia Economic Development Partnership’s 2015-2016 Guide to Incentives, click here.