Liz Kirchner
communitnews@ourvalley.org
Moe’s Southwest Grill, and Pazar are the first recipients of the Economic Development Authority’s economic incentive grants designed to promote small business development in Radford.
“The EDA has been working to provide incentives to new business start-ups as a means of improving the economy of Radford,” Flo Graham, EDA chair, who recently presented checks to these businesses, said.
Radford’s economic incentive grants are available to give a boost to small-scale businesses and non-home-based entrepreneurs trying to launch in Radford’s three economic development zones.
Graham thanked The Radford Chamber of Commerce for the significant role they played in helping both Moe’s and Pazar become viable Radford businesses.
The Economic Incentive Grant program, which came into effect July 1, 2016, is funded by the EDA and is tax-based, returning an approved small business business’s first year of taxes.
”Upon the first anniversary of the date of the business license, the City of Radford Commissioner of Revenue will verify the total of the following applicable taxes remitted by the business: real estate taxes, local portion of sales tax, meals tax, and lodging tax. The Commissioner will approve the incentive for payment in an amount up to $10,000,” according to a chamber of commerce press release.
Taxes paid in and, therefore, incentive returned, can vary widely.
“It’s a way to say thank you and good luck to you and we hope we can continue to help you keep doing business here in Radford,” Radford’s Director of Economic Development Basil Edwards said.
The chamber is also developing an easy-to-use calculator online that will help business owners determine whether or not they are eligible for the incentive.
The incentive depends on the availability of funds that currently come from some cash in the office’s savings and are expected to last for a few more years.
Economic development within the three zones, rather than seeking to fill open spaces, the effort seeks to diversify businesses beyond food service.
For more information on the Economic Incentive Grant, contact Basil Edwards at the City of Radford Economic Development office at 731-3603 ext. 8
