Technology Enhancement Grant (TEG) is a grant designed for technology businesses that increases the number of living wage jobs in the region, diversifies the local economy, and attracts a workforce with new skillsets.
The City of Danville and the Industrial Development Authority area able to rebate percentages of taxes paid for a period of time as agreed upon by the governing bodies and company, The City and IDA have a history of rebating approximately 50% to 70% of taxes paid and rebates begin once committed taxable capital investment reached.
- Certified documentation by a Virginia licensed CPA is required
- At least 10 new permanent full-time employees
- Minimum taxable capital investment of $250,000
- For projects that require a greenfield site to construct a new building, Danville typically offers land at little or no cost in one of our established business parks. Job creation and capital investment drive the value of this incentive.
Airside Industrial Park
Cane Creek Centre
Riverview Industrial Park
- Riverview Industrial Park, Cyber Park, Cane Creek Centre, and Airside Industrial Park all have available sites, and the parks have a full complement of water, wastewater, natural gas, electric, and broadband infrastructure.
- Sites in Cane Creek and Airside are pre-graded to minimize the upfront construction costs for the company.
- For qualified, credit worthy companies that desire a lease/purchase arrangement, the Danville Industrial Development Authority (IDA) will consider a financing mechanism where payments amortize the principal necessary for the project. If bank financing is utilized, monthly payments will be based on interest charged by the lending institution. If IDA funds are used to finance the project, interest rate will be fixed at market rate. The IDA will charge will charge approximately $100 per month for all financing arrangements.
- Reserved for small business owners
- $25,000 max at 4% with a negotiated term not to exceed 10 years
- Application required, based on need, credit worthiness, and available funds
- Community Development Department offers a one stop center for all required building and renovation permits
- Excludes storm water and Virginia Department of Transportation (VDOT) permits
- Identify business and financial resources
- Single sourced utilities including electric, natural gas, water, wastewater, and broadband
- Should you chose to rehabilitate a structure in a recognized historic district, or a structure which has been deemed historic, State and/or Federal historic tax credits may be available.
- An Economic Development office representative will assist in determining eligibility and the application for historic tax credit
- The NMTC program attracts capital to low income communities by providing private investors with a federal tax credit for investments made in businesses or economic development projects in qualified census tract
- An Economic Development office representative will assist in determining eligibility and making appropriate application for NMTC