Industrial

INDUSTRIAL INFORMATION

Saltville has historically been an industrial town, but modern-day Saltville is now home to manufacturing and service industries as well as a growing tourism industry. Saltville is within a one day drive of over a third of the US population – making it an ideal market location and tourism destination. Saltville is also located on the Interstate 81 transportation corridor, providing easy access to the Tri-Cities Metropolitan Area (Bristol, Kingsport and Johnson City), a wide range of services, colleges and universities and a population of over one million people within 60 miles. SIDA: Saltville Industrial Authority Email: sida@saltville.org

General Information

There are a wide range of advantages for Virginia-based businesses, especially Saltville-based businesses. Companies have improved their bottom lines just by locating in Virginia. From soft costs like healthier, more productive workers, to hard costs like cheaper, available and reliable electricity, these companies have benefited from the combination of resources that only a Virginia location can offer.

It’s easy to compare Virginia’s tax rates, business costs, and even workforce characteristics to those of other states via www.yesvirginia.org and then click on Data Center/Compare Virginia
Saltville-based businesses enjoy some of the lowest operational costs in Virginia. Saltville businesses pay taxes to the Town of Saltville and Smyth or Washington County, depending on which part of town they’re located in. See how low cost we are by using our tax & utility calculators.

Financing

For large and small businesses alike, there are affordable financing options available to Saltville businesses. Check out these financial services directly, or Saltville’s Economic Development Department will gladly facilitate the process for you.

  • Southwest Virginia Community Development Financing Inc.
    •  For microbusinesses see www.businesstart.org
    • For small & medium businesses contact: Phillip
    • Black, Director of Community Economic Development (276) 623-9000 or pblack@peopleinc.net
  • Mount Rogers Planning District: Revolving Loan Fund (www.mrpdc.org/programs)
  • Virginia Department of Business Assistance (www.dba.virginia.gov/programs/financing)
  • Virginia Small Business Administration (www.sba.gov/financing)
    BB & T - for industrial development bonds & other financial services contact Audrey Powers, Vice President, Saltville, VA (276) 496-7722 or apowers@BBandT.com

Grants

Businesses that bring new jobs, investment, or some other economic benefit to Saltville have the opportunity to access grant funds that do not need to be paid back. Some grant funds include:

  • Tobacco Region Opportunity Fund (TROF) Grants To qualify, companies must invest at least $1 million dollars in personal property, equipment and/or in some cases real estate.
  • GOF Grants To qualify, companies must invest at least $2.5 million dollars in personal property, equipment and/or in some cases real estate. The company must also create 25 new jobs.
  • Work Force Services To qualify, companies must create one or more new jobs. Grant funds are intended to offset associated training costs and are made on a per job basis.
  • Virginia Enterprise Zone Grants Information about the Virignia Enterprise Grant programs can be downloaded here.
  • Downtown Revitalization Grant Up to a $1000 grant to a business or individual that improves the front of their building or store in the downtown portion of the Saltville Enterprise Zone. To qualify, the business or individual must at least match the town’s grant with their own investment.
  • Tourism Marketing Grant Reimburses up to $1000 of marketing expenses for tourism-related businesses located in Saltville’s Enterprise Zone.
  • Other local grants can be made available to close deals that further the town and county’s economic priorities.

Tax Refunds

Businesses that create new jobs or bring new investment to Saltville, and are located in the Saltville Enterprise Zone, can receive tax refunds as listed below.

  • Business & Professional License (BPOL) Tax – Town of Saltville
    • 2 – 9 new jobs warrant a 30% reduction
    • 10 – 24 new jobs warrant a 40% reduction
    • 25 or more new jobs warrant a 50% reduction
      This benefit can be received 5 consecutive years if the new jobs are maintained.
  • Machine & Tools Tax – Town of Saltville and Smyth County Businesses that invest in new machinery & tools and create new jobs may qualify as follows:
    • 10 – 24 jobs warrant a 50% reduction of increased assessment
    • 25 or more jobs warrant a 100% reduction of increased assessment
      This benefit can be received 5 consecutive years if the new jobs are maintained.
  • Real Estate Rehabilitation Tax Credit – Town of Saltville & Smyth County A nine-year decreasing exemption on the increase in assessed property value for certain industrial or commercial buildings over 15 years old.

Reduced Service Fees

Businesses that create new jobs and are located in the Saltville Enterprise Zone can receive reduced service rates as follows:

  • Water & Sewer Fee Reduction – Town of Saltville
    • 2 – 9 new jobs warrant a 30% reduction
    • 10 – 24 jobs warrant a 40% reduction
    • 25 or more jobs warrant a 50% reduction
      This benefit can be received 5 consecutive years if the new jobs are maintained.
  • Broadband Access Connection – Town of Saltville Businesses creating 5 or more jobs may qualify for a 50% reimbursement of their cost to access high speed internet and/or fiber optic connectivity.
  • Building Permit Fee Waiver – Smyth County Commercial and industrial properties qualify for a refund of building permit fees.