Henrico Economic Development Authority’s Role in Boosting Local Businesses

Andrew Larsen

Welcome to another episode of The RVA Small Business Show with your host Cory Mosley. Today’s show is being brought to you by The Henrico Economic Development Authority. We are pleased to be joined by Andrew Larsen, Managing Director at Henrico Economic Development Authority.

The Henrico Economic Development Authority is passionate about its mission of cultivating a vibrant economy and promoting an outstanding quality of life.

We work to make sure that the companies have an easy path towards development and getting a project up and running. -Andrew Larsen

Business Attraction and Retention: The Henrico Way

Andrew Larsen, the Managing Director at HenricoEDA, recently shed light on the county’s proactive approach to business development. With a laser focus on business attraction, HenricoEDA identifies target industries such as advanced manufacturing, data centers, fintech, and finance companies. By partnering with state organizations and participating in trade shows, they ensure Henrico’s value proposition reaches decision-makers.

But what is the pitch that makes Henrico irresistible to businesses? It’s simple: Henrico is pro-business, but not just in words. Over the past decade, the county has enacted policies that underscore this claim, including reducing taxes and streamlining the development process. The message is clear – Henrico isn’t just selling a location; it’s offering a partner in growth.

Quality of Life: More Than Just a Job

HenricoEDA recognizes that attracting businesses isn’t just about jobs; it’s about people. The county’s rapid growth is testament to its appeal as a place to live, work, and play. This holistic approach has led to successful redevelopment projects like Regency Mall and Virginia Center Commons, transforming them into vibrant, mixed-use spaces that cater to a modern lifestyle.

Speed to Market: Henrico’s Competitive Edge

Speed to market is often the deciding factor for companies looking to expand. Henrico excels in this area by facilitating a smooth journey through the necessary development and permitting processes. The county’s agility in responding to the needs of businesses, such as the Amazon project on Richmond Henrico Turnpike, is proof of its commitment to helping companies achieve their goals swiftly.

Funding and Incentives: Fueling Business Expansion

When it comes to funding, HenricoEDA doesn’t hold back. They offer a myriad of incentives and support, from technology zones to enterprise programs. Larger projects may see customized incentive packages that can make a significant impact on the bottom line. This flexibility and willingness to support financial needs make Henrico a strong contender for businesses considering expansion.

Mitigating Risk: A Partner in Problem-Solving

Risk mitigation is crucial for businesses taking new steps. HenricoEDA serves as a conduit to solving problems, ensuring that any potential issues are addressed before becoming roadblocks. By working closely with various county departments and even at the state level, Henrico EDA exemplifies its role as a problem-solver and trusted partner for businesses.

Key Takeaways

  1. Pro-Business Policies: Henrico’s commitment to reducing taxes and streamlining processes creates an attractive environment for businesses.
  2. Holistic Development: The focus on quality of life ensures that Henrico is not just a place to work but a community to be part of.
  3. Agility in Action: Henrico’s speed to market gives businesses a competitive edge, enabling them to start operations quickly.
  4. Supportive Financing: A range of incentives and tailored financial packages help businesses thrive in Henrico.
  5. Risk Mitigation: HenricoEDA’s proactive approach to problem-solving underscores its role as a valuable partner in growth.

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