Why establish a new business in Lynchburg, Virginia?

A Look at the Lynchburg Industrial Development Authority and Office of Economic Development 2006 Business Development Policy

The City of Lynchburg has developed an aggressive economic development program that creates jobs for its citizens and generates new forms of revenue. The program intends to strengthen and diversify the local economy through the attraction of new businesses and the retention and expansion of existing businesses. This commitment, plus the strategic location of the City, a strong work force, a moderate climate, and desirable real property, makes Lynchburg an attractive location for an ever-increasing, diverse range of businesses.

The Lynchburg Industrial Development Authority (LIDA) offers local economic development incentives designed to make the City a strong competitor in attracting new industry and business. The performance-based incentives include, but are not limited to, cash grants, consideration of site cost reduction, site preparation costs, leased facilities, public infrastructure, and industrial revenue bonds.

The City also provides support to the local Business Development Centre, Inc., an establishment to help small start-up businesses with one-stop support services. The Centre offers counseling, advising and training services, as well as office or industrial space at the facility. Loan programs, available to finance eligible small businesses, are also administered by the Centre.

The Virginia Enterprise Zone Program offers special state and local incentives to businesses within designated zones and is designed to encourage job creation and investment in these areas. Lynchburg houses two Enterprise Zones: Downtown, renewed in 2004 and Lynchpin, established in 1996.

A Technology Zone Ordinance was approved by Lynchburg City Council in 2002. This ordinance by the Commonwealth of Virginia allows cities, counties, and towns to establish, by ordinance, one or more technology zones to attract growth in targeted industries. Qualified businesses located in or expanding into such a zone may be eligible to receive local permit and user fee waivers as well as local tax incentives. The City designates two technology zones: Downtown and Lynchpin.

Lynchburg continues to market for the establishment of new businesses, particularly in the downtown and industrial parks designated as Enterprise Zones and Technology Zones. Already, numerous business owners have reaped the benefits of choosing a location within these zones. The Enterprise and Technology Zones overlap, allowing businesses that qualify the choice to apply for either program in the City's designated development areas.

To find out more about Lynchburg's Business Development Policy and the variety of incentives available to qualified businesses, visit the City's website at http://www.lynchburgva.gov.

View Slideshow