Local incentives and financing assistance is done on a case-by-case basis and is based on capital expenditures, job creation, annual salary, and mutual benefit for the business and the county. Should the King George County Board of Supervisors agree to assist a prospect, a determination of the amount / type of investment will be made and a contract will be executed between the county and the prospect to ensure the best and highest use of public dollars and investment. The King George County Board of Supervisors is open to discussion and is especially interested in prospects that will diversify the local economy and provide salaries that improve the quality of life for county residents.
King George County has many Financial Institutions that are ready to provide financing for businesses locating in the county. Many of these institutions are familiar with the numerous federal financing programs offered through United States Department of Agriculture and the United States Small Business Development Administration.
Small Business Administration (SBA)
Small Business Administration (SBA) provides loan guarantees to banks to encourage funding of small businesses. The SBA is not a lending institution like a bank or credit union and therefore does not issue loans. Instead, it provides support to your loan request from a bank in the form of loan guarantees. A loan guarantee is a promise by one party (the guarantor or, in this case the SBA) to assume the debt obligation of a borrower (the small business owner) if that borrower defaults on the loan. For more information on SBA-backed loans, please contact your local financial institution.
REDCO is a licensed non-profit, Certified Development Company that offers long-term fixed-rate financing for small business in Virginia through the SBA 504 Loan Program. The SBA 504 Loan Program is a long-term financing tool for economic development within a community. The 504 Loan Program provides growing businesses with a long-term fixed-rate financing for major fixed assets, such as land and buildings to include expansion, renovation, and construction projects. This loan program does not provide working capital for business start assistance. Contact information is:
1125 Jefferson Davis Highway
Fredericksburg, VA 22401
Virginia Small Business Financing Authority (VSBFA)
Virginia Small Business Financing Authority (VSBFA) is the Commonwealth of Virginia's economic development and small business financing arm. It helps Virginia's existing businesses and those businesses that are seeking to come to Virginia through its extensive portfolio of financing programs. For more information and contact information, visit their website.