Richmond Works for Business Richmond has a ready workforce, acres of space to locate and expand, great transportation connections, a growing economy – and a proactive Office of Economic Development that’s ready and able to provide businesses low-cost loans for working capital, tax incentives, relocation assistance and favorable contracting opportunities.
Richmond’s Office of Economic Development (OED) helps business owners relocate existing operations, works with entrepreneurs and investors to locate businesses for sale, and facilitates business-to-business transactions.
Revolving Loan Fund
Richmond’s Revolving Loan Fund (RLF) offers four loan options, from $5,000-$100,000, for the development of new businesses and the expansion of existing business:
Working capital – for the costs of business operations
Machinery/equipment – to acquire machinery and equipment
Fixed assets – for leasehold improvements, renovation, expansion of a structure, or purchase of fixed assets
Tax Credits and Hiring Incentives
Richmond enables businesses to save thousands – even millions – of dollars through a variety of tax credits and cost reductions. to learn more about credits and incentives and see if your business is eligible, visit our Tax Credits and Hiring Incentives webpage.
Businesses hiring a resident from a State-recognized Targeted Employment Area (TEA) can immediately qualify for the hiring tax credit.
View the TEA Street Ranges by Directional Listing. HUB Zone Empowers Business
As a designated U.S. Small Business Administration HUB Zone, Richmond helps certified small businesses gain preferential access to federal procurement opportunities, including competitive and sole-source contracting, and a 10% price evaluation preference.
California Economic Development Initiative
Through the state’s GO-Biz program, businesses can compete for available tax credits based on the number of jobs created or retained, the extent of poverty in a business development area and minimum compensation limits. Visit www.business.ca.gov.
Richmond helps stimulate and attract new investment and reduce the cost of starting and operating a business by providing access to technical assistance such as counseling, workshops, classes, business plans, marketing, credit repair, legal consulting, financing, employee recruitment, tax credit information, façade improvement, and website design. Most of these services are provided at no or reduced cost to business owners.
Employer Services are available to assist businesses with customized employment services, from recruiting to tax incentives; outplacement services and resources; on-the-job training; and labor market information. For more information, call 510-307-8024. ?
Additional Business Resources
The Richmond Chamber of Commerce helps to foster growth in Richmond and West Contra Costa. Contact the Chamber at 510-234-3512 or visit www.rcoc.com.
The East Bay Economic Development Alliance (East Bay EDA) is helping to establish the East Bay as a preferred location to grow businesses, attract capital and create quality jobs. Visit www.eastbayeda.org.
The West Contra Costa Business Development Center provides entrepreneurs with individualized services, from business consulting and entrepreneurial training to securing financing. Visit www.wccbdc.org.
The Contra Costa Small Business Development Center (SBDC) conducts research, counsels and trains business people in a wide variety of business topics and provides comprehensive information services and access to experts in a variety of fields free of charge. Visit www.contracostasbdc.org for more information.
The Richmond Workforce Investment Board (WIB) promotes creative solutions to meet the needs of job seekers and employers. Contact Sal Vaca at email@example.com or 510-307-8023.
Business & Economic Development Assistance For more information on these programs and other business services, contact: Janet Johnson Economic Development Administrator
City Manager’s Office 450 Civic Center Plaza, Third Floor Richmond, CA 94804 510-307-8131 firstname.lastname@example.org