https://www.martinsville.com/m_document.cfm?action=edit&ID=249&ret=/info/doing-business-in-martinsville.cfm&newsID=0The City of Martinsville and Henry County strive to create a positive small business and entrepreneurship environment; and one way to do this is to help you navigate through the array of funding resources available to you.
To be considered for these funding opportunities, complete our Small Business and Entrepreneurship Incentives Application. Prior to filling out this application, use this webpage as a starting point to know what questions to ask as you start the process, then contact C-PEG for assistance, 276.632.6401.
We also recommend prior to starting your business in Martinsville that you review our Business Licensing and Permitting page.
We have grouped funding resources for you into five areas:
- Local Incentives
- State Grants
- Business Plan Competitions
- C-PEG’s Small Business Grant Program, in partnership with the Martinsville Area Community Foundation, considers projects that will improve facades, create jobs, support expansions and assist with training or need assistance with required payments that are essential to the well-being of a business. Awards as low as $500 and as high as $50,000.
- Martinsville Uptown Revitalization Façade Renovation and Signage Matching Grant Program helps businesses in the uptown area with façade expenses (upgrades to improve a business's streetview). Grant match awards may be up to $4,000. Applicants must have an active Martinsville-Henry County Chamber of Commerce membership.
- The Harvest Foundation Pay It Forward Grant through the Virginia 30 Day Fund provides forgivable loans up to $3,000 to small businesses in need. The funds dispersed to small businesses by the Virginia 30 Day fund do not need to be repaid.
- Lowe's Grants through LISC provides funding for minority owned and woman owned businesses for up to $20,000.
Local incentives are grouped under Local Enterprise Zones, offering qualified businesses with one or more of the following tax refunds: Real Estate and Machinery and Tools, along with one or more of the following: Building permit fee waived, investment tax credits and water, sewer and electric connection fees waived.
Plus other incentives on a case by case basis, such as discounted fiber optic networking services.
State Grant - Small Business Jobs Grant Fund
The Virginia Department fo Small Business & Supplier Diversity has a grant program for qualified small businesses to help offset the costs of hiring and training new employees. This grant is a performanced-based program designed to encourage small businesses to create jobs and spur economic development within the Commonwealth.
Small Business Jobs Grant Fund
Microloans are a good consideration for startup companies with lower capital requirements and limited operating history. Most microloans provide a source of smaller loans that many banks are reluctant to service. Currently, there are two active Microloan Programs in the community:
Business Plan Competitions
- Startup Martinsville-Henry County, Virginia, an eight week boot camp program, culminating into a business plan competitions, where participants vie for a total of $50,000 in grant funds and other prizes. We have added a Grow boot camp to serve growing businesses.
In addition to the Chamber of Commerce and its charitable affiliate, C-PEG, there are a number of entities that can help you with your startup or expansion in the City of Martinsville.
City of Martinsville’s Community Development Department
Longwood University’s Small Business Development Center
MHC Economic Development Corporation’s Office of Small, Minority & Entrepreneurial Division
Martinsville Uptown Revitalization
Patrick Henry Community College
The Launch Place
West Piedmont Business Development Center
West Piedmont Workforce Development Board
The City of Martinsville contracts with C-PEG to be its point of contact for small business and entrepreneurship development and retail/commercial development, and Henry County contracts C-PEG to provide small business development and retail/commercial development.