FINANCING & INCENTIVES
Commercial Area Revitalization Effort (CARE) Program
The CARE program operates through a partnership between local neighborhood merchants, residents, and the City of Richmond. The Department of Economic Development (DED) in partnership with the Richmond Economic Development Authority (EDA), provides business rebates and loans for CARE area businesses. DED staff also provides technical assistance, and coordinates the delivery of City services and public improvements.
The CARE program operates through a partnership between local neighborhood merchants, residents, and the City of Richmond. The Department of Economic Development (DED) in partnership with the Richmond Economic Development Authority (EDA), provides business rebates and loans for CARE area businesses. DED staff also provides technical assistance, and coordinates the delivery of City services and public improvements.
CARE Neighborhoods
Extra-CARE Neighborhoods
Learn More
For more information about the CARE and Extra CARE programs, view the
CARE program brochure, call the Department of Economic Development at 804.646.5633,
or e-mail one of the following staff persons to inquire:
Denise Lawus, Economic Development Programs Administrator
Keisha Birchett, Commercial Development Coordinator
Lisbeth Coker, Project Development Manager
Sheila Shepperson, Project Development Manager
Neighborhoods in Bloom Revolving Loan Fund(NIBRLF)
This program is different from the Neighborhoods in Bloom (NiB) program, which is administered by the City of Richmond Department of Community Development. For more information about the NiB program, please visit the Department of Community Development’s website, or call 804.646.6344.
The City of Richmond’s NIBRLF is designed to help businesses located in Neighborhoods in Bloom Commercial Corridors who are unable to
obtain traditional bank financing. Loans of up to $50,000 are available for working capital, rehabilitation, acquisitions, machinery,
and equipment. Loans must create jobs, reduce blight, or provide needed services for low to moderate-income residents. NIBRLF is
administered by the Department of Economic Development and underwritten by the Richmond Economic Development Corporation.
NIBRLF Commercial Corridors
Learn More
For more information about the NIBRLF program, view the
NIBRLF program brochure, call the Department of Economic Development at 804.646.5633,
or e-mail one of the following staff persons to inquire:
Denise Lawus, Economic Development Programs Administrator
Keisha Birchett, Commercial Development Coordinator
Lisbeth Coker, Project Development Manager
State and Local Enterprise Zone Programs
The Enterprise Zones are areas of the city which have been targeted for business assistance incentives from both the Commonwealth of Virginia and the City of Richmond. City incentives for businesses in these areas include a special tax abatement program, the Brownfields Assessment Grant Program, and rebate programs. Commonwealth incentives include grant programs for job creation and real property investment. The City incentives are administered by the Department of Economic Development and the Assessor of Real Estate, and the Commonwealth incentives are administered by Virginia Housing and Community Development.
City of Richmond Enterprise Zones
Map of State and Local Enterprise Zones in the City of Richmond
Learn More
For more information about local Enterprise Zone incentive programs, view our program brochure, call the Department of Economic Development at 804.646.5633. or e-mail one of the following staff persons to inquire:
Keisha Birchett, Commercial Development Coordinator
Lisbeth Coker, Project Development Manager
For more information about state Enterprise Zone incentive programs, view our program brochure and contact Virginia Housing and Community Development at 804.371.7111.
For additional information about the Brownfields Assessment Grant program, or about Richmond’s Real Estate Tax Abatement Program, please see the specific sections below.
Also, for additional information about special financing available through the Richmond Economic Development Corporation’s Business Enterprise Zone Loan Program, please see the specific section below.
Brownfields Assessment Grant Program
The purpose of the City of Richmond’s Brownfields Assessment Grant Program is to defray the cost of a Phase I or Phase II Environmental Site Assessment of vacant or underutilized commercial or industrial properties. This helps prepare the way for redevelopment. The program is administered by the Department of Economic Development using two grants awarded to the City by the Environmental Protection Agency. The amount awarded under the City’s program is subject to the needs for the assessment. There is no cost to the study recipient.
Brownfields sites are “real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.” In order to be eligible, sites must be located within one of the city’s three Enterprise Zones or one of the areas designated by the Richmond Redevelopment and Housing authority, and have actual known or perceived contamination.
Learn More
For more information about the Brownfields Assessment Grant Program, view our program brochure, call the Department of Economic Development at 804.646.5633, or e-mail one of the following staff persons to inquire:
Lisbeth Coker, Project Development Manager
Real Estate Tax Abatement Program
The City of Richmond offers real estate tax abatement incentives for eligible property rehabilitation projects. There are special incentives for commercial properties within on of the city’s three Enterprise Zones. While many programs of the Department of Economic Development align with or complement these incentives, all real estate tax abatement is administered by the City of Richmond Assessor of Real Estate. This includes all residential and commercial programs.
Learn More
For more information about real estate tax abatement, or for an application, please visit the Assessor of Real Estate's website, or call 804.646.5600.
Business Enterprise Zone Loan (BEZL) Program
The BEZL Program is designed to provide financing to small businesses located within one of the City of Richmond’s three Enterprise Zones who are unable to obtain traditional bank financing. The program is administered and underwritten by the Richmond Economic Development Corporation.
Loans of up to $250,000 are available at competitive interest rates for purposes of acquisition and renovation of “owner occupied” commercial or mixed-use properties and purchase of machinery and equipment. Loans cannot be used for payment of delinquent taxes, or purchase and rehabilitation of residential or investment properties. All loans will require the creation and/or retention of jobs. Other qualifying terms and conditions may apply.
Learn More
For more information about the BEZL Program, please visit the Richmond Economic Development Corporation’s website, or call 804.780.3012.
Microenterprise Development Loan Program
The Microenterprise Development Loan Program is designed to provide loans and technical assistance services to small businesses located within the City of Richmond who are unable to obtain traditional bank financing. The program is administered by the Richmond Economic Development Corporation with funding under license of the U.S. Small Business Administration.
Loans of up to $35,000 are available at competitive interest rates for purposes of start-up financing, working capital, equipment purchases, and minor leasehold improvements. Loans cannot be used for repayment of existing indebtedness, and are not offered for non-profit organizations (with the exception of child care providers) or for-profit businesses with existing indebtedness in excess of $105,000.
Learn More
For more information about the Microenterprise Development Loan Program, please visit the Richmond Economic Development Corporation’s website, or call 804.780.3012.