Opportunity Zones were enacted as a way to encourage investment into distressed areas. The benefit is for the investor that takes money out of another investment that is subject to capital gains and invests that money into real estate or a business located within an opportunity zone.
The investor then gets three benefits:
- deferral of paying capital gains tax until 2026,
- a reduction in the basis of the capital gains (10% if they keep the investment in the OZ for 7 years, 15% if they keep it for 10 years), and
- no capital gains on the increase in the value of the investment.
To verify if your property is in an Opportunity Zone, please see this map.
Local Funding Opportunities
M-HC Economic Development Corporation's Small, Minority, & Entrepreneurial Division Marketing Co-op Grant
- Matching grant funds allocated for the use of professional marketing services
Technology Zone Program
- Provides local incentives to technology businesses that invest and create jobs in Henry County
Virginia Enterprise Microloan Program
- Peer lending program and business planning workshop for entrepreneurs in M-HC.
M-HC Economic Development Corporation's Tourism & Film Division Marketing Grant
- Matching grant funds allocated to assist local tourism industry with marketing needs.
M-HC Chamber's Partnership for Economic Growth (CPEG) Grant
- Funds allocated for businesses to improve the façade, create jobs, or train current workforce.
Virginia Jobs Investment Program (VJIP)
- Helps offset recruiting and training costs incurred by companies that are either creating new jobs or implementing technological upgrades.
Virginia Workforce Center
- Offers workforce solutions to save employers time and money including subsidized job training programs.
Small Business Resource Guide
Office of Small and Minority Business Development
The Martinsville-Henry County Economic Development Corporation's Office of Small and Minority Business Development provides a one-stop-shop approach to small business development. Free services are geared toward companies with less than 250 employees and include hands-on assistance with writing business plans, coordination of local and state incentives, preparation for financing, training opportunities, project management and government procurement. The Office of SMBD partners with resources such as the Small Business Administration and Virginia Department of Business Assistance to complement local services. FastTrac® entrepreneurial certification is also available.
Contact: 276-403-5948, Yes Martinsville
Martinsville-Henry County Office of Tourism
The primary role of the Office of Tourism is to promote Martinsville and Henry County as a premier travel and tourism destination.
Contact: 276-403-5949, Visit Martinsville
West Piedmont Business Development Center
The West Piedmont Business Development Center assists emerging entrepreneurs by providing a nurturing environment for their growth and development. Affordable office and light manufacturing space, shared office equipment and services make it possible for small businesses to reduce the many costs associated with establishing and operating a business. In addition to favorable rents, common reception area, conference and training facilities, the WPBDC also offers fiber optic broadband data connectivity, phone service with voicemail, networking opportunities, mentoring services, and a micro-loan program.
Contact: 276-638-2523, WPBDC
Martinsville-Henry County Chamber of Commerce
The Driving Force Behind a Successful Business Community.
With a troubled economy, your membership in the Martinsville-Henry County Chamber of Commerce could be the powerful, thoughtful boost your business needs to ensure your continued growth and success. As a member, you will have at your disposal discounts, numerous value-added benefits, and a committed group of people in the Chamber office working on your behalf. As soon as you join the Chamber, you will see an immediate benefit or we will refund you full annual dues!
Contact: 276-632-6401, Martinsville
City of Martinsville
City of Martinsville's Community Development Department oversees zoning, benefits associated with the Enterprise Zone, and Opportunity Zone.
Contact: 276-403-5156, Megan Spencer
Virginia's Philpott Manufacturing Extension Partnership
Virginia's Philpott Manufacturing Extension Partnership (VPMEP) provides impact-based consulting to Virginia manufacturing, industry, and government. An affiliate of the National Institute of Standards and Technology Manufacturing Extension Program (NIST MEP), VPMEP leverages 59 partner MEP centers across the country. VPMEP designs and delivers significant process improvements and growth solutions for over 100 clients annually. Impact is delivered through Lean, Lean Six Sigma, Quality Management, Supply Chain, Engineering, and Business Growth Strategies.
Contact: 276-666-8890 ext. 224
West Piedmont Workforce Investment Board
Your one stop for all of your employment and training needs. The WPWIB funds and monitors the area's Workforce Career center and numerous employment services and training programs for employers, jobseekers, and the youth.
Contact: 276-656-6190, West Piedmont Works
Longwood University Small Business Development Center
Longwood University Small Business Development Center provides one-on-one education, counseling, and economic research for potential and existing businesses in Henry, Franklin, and Patrick Counties and the City of Martinsville. The center is co-sponsored by the United States Small Business Administration, the Virginia Small Business Development Center Network, and Longwood University. All services provided by the center are free of charge to our clients.
Contact: 276-632-4462, Longwood SBDC
Patrick Henry Community College
Patrick Henry Community College offers 30 associate degree programs, 11 certificate programs, and 50 career studies certificate programs including entrepreneurship and small business management.
Contact: 276-638-8777, PHCC
Virginia Department of Business Assistance
Starting a business? Try Virginia's new Business One Stop system! Access the system and receive customized business formation information at Virginia Department of Business Assistance