In the colonial days, Fredericksburg’s strategic location near the Rappahannock River made it very desirable for business. Now, Fredericksburg, Virginia benefits from its prime location between Washington D.C. and Richmond. It is home to a highly skilled labor force and one of America’s highest concentrations of Ph.D.s.
What is most fundamental to its economic prosperity is the city’s pro-business approach and commitment to ensuring long-term profitability to those investing in the region.
Working the Bottom Line
With its proximity to major cities and strong infrastructure, the cost of land, facilities, and labor is relatively low. This dedication to business development and their profitability exceeds expectation. In fact, the corporate income tax rate of 6% has not been raised since 1972.
The City of Fredericksburg have implemented a number of technology zones throughout the area to attract investment. New or expanding businesses that are eligible are offered incentives and assistance to set up shop in prime locations.
Fredericksburg, Virginia Business Programs
There are several business programs offered by the city to ease the business development process along like the HUBZone Program that gives contracting preferences to small businesses in certain zones. According to testimonials, President and CEO of Marstel-Day, LLC credit this program with allowing their “growth to continue and…[provide adequate housing to [their] staff.”
Fast Track Business Permits
Though starting or moving a business involves many steps, the City of Fredericksburg offers a streamlined permitting process, at competitive nation-wide costs, to move things right along.
The increased level of entrepreneurial success has been a product of both the city’s commitment to small business development and the large number of college-educated residents. Fredericksburg ranks high on the best places for entrepreneurs in the nation with its residents reporting higher satisfaction of life and a growing number of venture capital deals.
On top of that, the community just loves local business. Bill Freehling, Fredericksburg’s Director of Economic Development says, “Businesses are very much appreciated and very much noticed. We kind of roll out the red-carpet for [new businesses] and offer assistance from our office.” If you start a local business in Fredericksburg, you’re bound to find support from the community. What more could you want as a business owner?