We GOT Zones!

Most economic development occurs because of private sector investment. According to the Shenandoah Valley Workforce Development Area (SVWDA), small businesses (under 50 employees) in the region were responsible for generating 49 percent of total employment growth between 2nd quarter 2015-2016.  Small businesses benefit the local economy by contributing to the community’s identity and health.  Small business owners are involved - they volunteer and sponsor community events and organizations. They also increase the tax base and provide local employment.  Growing the small business sector in Page County is a priority. Currently, Page County promotes several small business based incentives and participates in HUBZone, Enterprise Zone, Opportunity Zone, soon to be Tourism Zone, and Virginia Main Street programs to encourage business and workforce development.

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Enterprise Zone

What is an Enterprise Zone?
The Virginia General Assembly established the Virginia Enterprise Zone program in 1982, a program intended to join the Department of Housing and Community Development with local governments in providing incentives for investment in capital improvements and new employees.

Are you in the Zone?
Page County's Enterprise Zone contains a total of 2,427 acres and spans through the Towns of Luray, Stanley and Shenandoah.  The zone includes majority of our commercial, industrial, retail, and office spaces, as well as, various unimproved properties for future development. 

Advantages of Locating in the Zone and How Do I Qualify?
If your business is located in the Page County Enterprise Zone, you may be eligible for various state and local incentives.  These incentives are primarily based on the amount of financial investment and jobs created by your business.  Incentives may be combined and are outlined below.

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Hubzone

Page County is one of a few HUBZones in the Shenandoah Valley and is the only county-wide HUBZone in the northern portion of Virginia. Click here to learn more about the many advantages of locating your business in our County.

Federal contracting opportunities for HUBZone businesses, may include the following:

  • 3% of all federal prime contract dollars is targeted to HUBZone businesses.

  • Set-aside awards

  • Sole source awards

  • 10% price evaluation preference (PEP) in full and open contract competitions

  • Subcontracting opportunities


HUBZone eligibility requirements include:

  • Principal office located in a HUBZone

  • At least 35% of employees must reside in a HUBZone

  • Small by SBA standards for selected NAICS codes

  • Ownership and control by at least 51% of U.S. citizens

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Opportunity Zone

What is an Opportunity Zone?

An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service.

How were Opportunity Zones created?

Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017.

How do Opportunity Zones spur economic development?

Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026.  

source: www.irs.gov

 

Page County Economic Development Authority

The Page County EDA is committed to growing our businesses and investing in their future success.  Their goal is to retain and expand existing businesses, attract and recruit desirable new businesses, and enhance economic activities that will benefit local businesses and residents.  The EDA aims to provide the tools for strong economic development with one of them being a revolving loan fund.