Businesses in Roanoke can now apply for up to $20,000 in matching grants from Business Equipment Incentive Grant program
Roanoke, Virginia – The City of Roanoke is opening doors for its local business community to expand and thrive with the newly announced Business Equipment Incentive Grant. Launched by Roanoke’s Economic Development Authority (EDA), this initiative seeks to reduce the financial load of purchasing necessary equipment—an expenditure that can sometimes tax small and medium-sized businesses. The program will provide of up to a total of $400,000 in matching funds over the following two years, therefore enabling Roanoke’s companies to grow and improve the financial foundation of the city.
Designed as a 50/50 matching grant program, the Business Equipment Incentive Grant can pay companies up to $20,000 to cover equipment costs. This means that qualified business owners can get money for half of their buy, therefore offering great help without having to pay whole upfront capital. For example, if a company buys equipment valued $5,000, they would get $2,500 from this grant, therefore making necessary investments far less expensive. Established companies across Roanoke can apply for these incentives, which will help them to modernize their tools, buildings, and technology as they pursue expansion and growth.
“Buying equipment represents a significant capital investment for any business, and our Economic Development team frequently receives inquiries about available incentives to assist with these purchases,” said Braxton Naff, EDA Chair, when the program was first announced in late September. “We are eager to support businesses throughout the City, whether it’s a downtown restaurant needing new kitchen appliances or a manufacturer acquiring equipment to boost production.”
Businesses must have operated in a commercially zoned area inside the City of Roanoke for at least one year before November 1, 2024 to qualify. Eligible candidates also have to be in good standing with city business taxes and licenses and have at least two W-2 full-time employees. The application process for these grants starts today, Friday, November 1, 2024. Once awarded, grantees will have until September 30, 2025, to buy their equipment and submit receipts, therefore assuring prompt and efficient use of money.
The incentive program represents a major turn in Roanoke’s continuous dedication to boost its regional economy. The EDA is giving companies the tools they need to improve output, size operations, and generate jobs by lowering the financial obstacles to equipment acquisition. Small businesses will especially benefit from this since they usually struggle most to get the money required for significant developments or growth. Roanoke’s plan represents the city’s larger goal to encourage long-term economic stability and development as well as a sensible action toward helping local companies.
The focus of the grant program on workforce development fits the objectives of the city for improvement of local job possibilities. Many companies will be able to grow their staff to meet higher demand and better service quality if they use these funds to buy new equipment. Job creation, equipment upgrade, and business development taken as a whole help to create a strong local economy in which companies, people, and the larger community may all thrive.
Read also: Pump track, banked curves, and shaded seating to feature in Wasena Park’s new skatepark design
Now is the time for business owners considering application to check qualifying criteria and get ready. On the City of Roanoke’s business portal, BizRoanoke.com, comprehensive information on the grant program including terms, restrictions, and application procedures is accessible. This resource offers comprehensive guidelines and contact information for EDA representatives who can assist with specific questions, helping businesses navigate the application process smoothly.
Initiatives like the Business Equipment Incentive Grant provide specific instances of how local government may promote economic resiliency and creativity as Roanoke presents itself as a city that supports and promotes its commercial sector. The EDA helps companies to invest in their own potential by providing financial support for necessary equipment, therefore benefiting not only their immediate operations but the whole Roanoke community.
Local businesses owners are encouraged to seize this great opportunity as the application process has now officially started. This grant program could be a catalyst for development in a retail store wishing to update its display units, a restaurant in need of new cooking appliances, or a company looking for sophisticated manufacturing tools. As businesses leverage this funding to achieve their expansion goals, Roanoke continues to build a stronger, more prosperous community—one grant, and one business, at a time.
