Chesterfield Rolls Out New Business Expansion Incentive Fund

The Business Expansion Incentive Fund (BEIF) was established for the purpose of securing job-creating economic development opportunities through the preservation and expansion of existing business in Chesterfield County. BEIF assistance may be in the form of a low-interest loan or a grant.

BEIF is a key component of the County’s goal to be a FIRST CHOICE business community and Chesterfield Economic Development’s mission to support the retention, growth, and expansion of the county’s existing industries.

“The Board has renewed its commitment to economic development as a priority, “ said Art Warren, Chairman of the Board of Supervisors. ”At the heart of this commitment are our existing businesses and this new program further demonstrates that “Business Starts Here”.

Funds may be used for such things as public and private utility extension or capacity development on and off site; road, rail, or other transportation access costs beyond the funding capability of existing programs; development fees such as site plan, zoning, and building permitting fees; or recruitment, training or retraining costs.

All companies seeking BEIF assistance will be required to make a minimum capital investment of at least $50,000 and create/retain one job for every $10,000 in funding requested. Companies will be required to demonstrate financial stability and future growth potential.

“We realize that our existing industries account for over 70% of new investment in Chesterfield. This program will provide our existing companies with resources as they continue to invest in Chesterfield County,” said Jay Stegmaier, County Administrator.

Applications are made to the Chesterfield County Economic Development Department.
For eligibility requirements and more information, contact Chesterfield Economic Development at (804) 318-8550 or go to www.chesterfieldbusiness.com.