Doing Business In ... Richmond, Virginia

Quick Stats

City Population: 191,000
Metro Population: 1,006,104
Job Growth: -5.04%
Median Home Price: $205,736
Website: http://www.richmondgov.com/

Richmond's status as the current capital of Virginia and the former capital of the Confederacy lend a great deal of historical charm to this bustling economic metropolis. Besides being voted one of America's Top 5 Large Cities for Best Quality of Life, Forbes magazine called it the "7th Best Place for Business and Careers Among the 200 Largest Metro Areas." With the help of countless state and local programs geared to help the aspiring entrepreneur, Richmond is a wonderful place to start or move a company. Richmond has a strong resilient economy that has traditionally weathered recessions due to its diverse manufacturing base and heavy concentration of federal and state agencies. 

Business Start-Up Assistance

Spending some time researching your idea, writing a business plan, and scouting a location will significantly increase your chances for success. There are a number of free and low-cost services that can help you get your business off the ground:

• Richmond's Business Portal
  In addition to providing information on starting a business, licenses and permits, and city regulations, Richmond's website allows business owners to make online payments towards tax, utility, and property bills.
• Richmond Small Business Development Center
  Provides free start-up advice, training and counseling services to entrepreneurs and small businesses throughout the state. Supported by the U.S. Small Business Administration (SBA).
• SCORE Richmond
  Provides free and confidential business advice and counseling tailored to meet the needs of your small business and your personal objectives.
• Richmond Minority Business Development Center
  Promotes opportunities for emerging and disadvantaged minority businesses to help them take advantage of the assistance programs available to them in the city of Richmond.
• Richmond City Department of Economic Development
  Assists in establishing and growing successful businesses by providing entrepreneurs with information to guide them through each step of the start-up process.

Utilize this Checklist provided by the Department of Economic Development as a guideline for starting, expanding, or relocating a business in the city of Richmond.

Financing Your Business

The following organizations provide help getting loans and other types of financial assistance for businesses in Richmond.

• Commercial Area Revitalization Effort (CARE) Program
  The Department of Economic Development and Richmond Industrial Development Authority offers financing to businesses that revitalize or increase the economic capabilities of older neighborhood districts of the City.
  
• Loan Programs and Grants
  Provides information on loan programs and grants that are available to entrepreneurs in the city of Richmond to help finance their businesses.

For general information on small business loans and financial assistance visit the Financing Your Business page.

Obtaining Licenses and Permits

To legally operate a business in the city of Richmond, you'll need to obtain all necessary business licenses, operating permits and registrations.

• City of Richmond Business Licenses and Permits
  Contains information regarding the proper licenses and permits required to operate a business in Richmond.
  
• Virginia License and Permit Guide
  Provides businesses with information detailing the appropriate licensing and regulatory requirements for operating a business in Virginia.
• Department of Economic Development - Permits and Licensing Information
  Assits business owners in understanding and complying with the proper permit, licensing, and zoning regulations for the city of Richmond.

In addition to city permits, you will also need to register your business with the federal government and State of Virginia. Visit the Virgnia General Licensing page to learn about obtaining necessary federal and state licenses, permits and registrations.

Tax Credits for Small Businesses

Small business owners in Richmond can take advantage of a few of tax credits.

• Business Tax Credit Programs
  Provides detailed information on tax credit programs available to Richmond business owners to assist in the cost of purchasing, refinancing, rehabiliting, and maintaining property.
• Virginia Tax Credits
  Lists possible tax credits for Virginia business owners as well as information on how to go about claiming these credits.
  

Additional Resources

• New Visions Ventures
  Encourages and facilitates small business development and job creation as a non-profit economic development organization.