The City of Richmond offers a series of financial tools and incentives for businesses relocating and
expanding within the City. Below is a complete listing of all current programs offered. Please contact ECD for
additional information. Incentives are subject to availability of funds.
Citywide Revolving Loan Program:
The Citywide Revolving Loan Program provides access to capital to small businesses, entrepreneurs,
developers and non-profits that are seeking to stimulate the revitalization of Richmond’s neighborhoods and promote
permanent job creation for low to moderate income citizens.
Click here to view Citywide Revolving Loan
Program brochure for additional details.
Commercial Area Revitalization Effort (CARE):
CARE is designed to revitalize and return economic viability to mature neighborhood districts.
Eleven CARE areas and two Extra-CARE areas are designated as qualified to receive financial incentives such as
exterior and interior rehabilitation, security improvement, water sprinkler system and other rebates, as well as loans.
CARE Program Brochure for the full program brochure.
Enterprise Zone Incentive Program (EZ):
The City’s EZ Program offers financial incentives to qualified commercial and industrial users in specific Enterprise Zone areas of the city. Financial tools include brownfield site assessment rebates, machinery and equipment rebates, employment assistance grants, loan fee rebates, business location rebates and development fee rebates. Enterprise Zone Brochure for the full program brochure.
Tax Abatement Incentive Program:
The City offers partial exemption from real estate taxes for qualifying rehabilitated and replaced structures. For those properties that qualify, the increase in market value caused by rehabilitation/replacement is credited from taxable assessment for up to ten years within an Enterprise Zone and seven years outside of an Enterprise Zone. Tax Abatement Brochure for the full program brochure.
Contractor Assistance Loan Program:
This program provides capital to contractors that are located within the City of Richmond that lack access to traditional financing. This program provides contractors with flexible terms and conditions, which may or may not be available in the conventional marketplace. ContractorLoanBrochure to view the full program brochure.
