Local businesses in Roanoke seeking to expand their operations will soon have access to a new resource aimed at easing the cost of acquiring essential equipment. The Economic Development Authority (EDA) of the City of Roanoke has committed $400,000 over the next two years to support the creation of the Business Equipment Incentive Program, which will provide businesses with matching funds for equipment purchases.
The program offers a 50/50 match, with a maximum award of $20,000, to help businesses make critical investments in their equipment. With $200,000 available each year, the initiative will run for two years, beginning November 1, 2024, and continuing through September 30, 2026. Funding is available on a first-come, first-served basis.
Eligible businesses must have been operating in Roanoke for at least one year in a commercially zoned location, employ two full-time W-2 employees, and be in good standing with the City’s requirements, including business license taxes. Additionally, the purchase must occur after the November 1 start date for the first year of the program.
“Buying equipment represents a significant capital investment for any business, and our Economic Development team frequently receives inquiries about available incentives to assist with these purchases,” said Braxton Naff, EDA Chair. “We are eager to support businesses throughout the City, whether it’s a downtown restaurant needing new kitchen appliances or a manufacturer acquiring equipment to boost production.”
Applications will open on November 1, 2024, with more details on how to apply forthcoming.
