Roanoke County launches grant program to help local businesses acquire new equipment

Roanoke, Virginia – Roanoke County Economic Development Authority has introduced an exciting opportunity for local businesses looking to enhance their operations through the acquisition of new capital equipment. The Business Equipment Acquisition Program (BEAP) Grant is designed to assist for-profit businesses in strengthening their operational capacities by partially funding their capital acquisitions.

Grant Details and Eligibility

The BEAP Grant will cover up to 50% of the costs associated with acquiring new capital, offering up to $20,000 per award on a competitive basis. To be eligible for this funding, businesses must meet several criteria:

1. Employee Requirement: The business must employ more than three full-time employees (or equivalent full-time employees) at a physical location within Roanoke County.
2. Operational Tenure: The business should have been operational as a for-profit entity in Roanoke County for at least one year.
3. Regulatory Compliance: Applicants must hold a current business license from the County or town and be in good standing with all applicable requirements. Additionally, businesses must be compliant and in good standing with local ordinances, fully up-to-date on Roanoke County taxes, fees, or other assessments, and possess a valid business license.

Types of Eligible Acquisitions

The grant covers various types of capital acquisitions that are taxable under Chapter 21 of the Roanoke County Code as business personal property or business machinery and tools. Eligible items include:

• Tangible Personal Property: This category includes furniture, fixtures, office and business machines, tools, and equipment used in any business or profession.
• Computer Equipment: Eligible items include computer hardware like computers, printers, disk drives, mouses, and modems. However, software is not covered under this grant.
• Machinery and Tools: Items used in manufacturing, mining, processing, broadcasting, dry cleaning, commercial laundry, and dairy businesses qualify for funding.

All applications for the BEAP Grant must be submitted no later than September 1, 2024. This initiative not only supports the growth and enhancement of local businesses but also ensures that they remain competitive and efficient in their respective industries by facilitating easier access to advanced equipment.

For more information on the application process and to determine if your business qualifies for this significant opportunity, visit Roanoke County’s official website.