Frequently Asked Questions

The following is a list of questions most commonly answered by the Economic Development staff. We realize that each business situation is unique, and the responses included here are intended to serve as a guide only. For more detailed answers to your specific questions, please contact Dinwiddie Economic Development at 804.265.1233.

Who can answer questions about locating a new business in Dinwiddie County?

If you are a new or expanding industrial development business: Ms. Morgan A. Ingram at 804.265.1233 or mingram@dinwiddieva.us

If you are an existing industry, small business or for commercial and retail development: Ms. Tammie Collins at 804.469.4500 x2110 or tcollins@dinwiddieva.us

How do I find the best site or location for my company?

Finding the right site or building for a business can be a most labor intensive and time consuming task. The county’s Economic Development Office understands that your deliberations regarding where to locate are directly affected by our ability to provide you with the information that you require: suitable sites and facilities, transportation network, workforce, and the availability of state and local incentives. The EDO will serve as your local site consultant, working with real estate professionals, developers, utilities, and any other resources necessary to assist your company in selecting the best business location.

What types of business data are available to my company and what is the cost?

The economic development office has access to a wide variety of data that are valuable to business. These include U.S. Census, consumer demographics, market segmentation, consumer spending, and business information for manufacturing and service industries. Additionally the department maintains commercial property databases used to assist you in selecting the right site or building for your business. All of these data are available without charge to qualified clients.

Who needs a business license?

• Anyone whose gross receipts exceed $2,000/year
• Out-of-county contractor who exceeds $25,000/year
• Anyone who receives a 1099 and/or files a schedule C with annual tax return
• Peddlers – Anyone who goes door-to-door for the purpose of selling goods

What is the process to obtain a business license?

• Start with the Commissioner of the Revenue’s office
• Determine if a fictitious name is needed
• Provide the State Corporation Commission registration
• Provide the proper licenses/insurance – e.g., state contractor, ABC, state sales tax, Health Department permit, Worker’s Compensation, etc.
• Go to the Planning & Zoning office to ensure that the location is appropriate for the intended business use
• Provide an estimate of gross receipts for the first year
• Provide a list of all equipment used for business

Who can answer questions about the business license application or the licensing process?

For assistance with the business license application or the licensing process, please contact the Commissioner of the Revenue office at 804.469.4500 ext. 4

When are business license renewal applications due?

Renewal applications and appropriate tax payments must be filed on or before March 1st

What is the first thing that I should do in order to start a small business?

The first thing to do is to determine which type of legal entity will best suit the needs of the business. There are four legal forms of business organization: sole proprietorship, partnership, corporation and Limited Liability Company. The type of organization formed determines where the business will be registered (the County or the State), corporate liability issues and the Federal and State tax structure. It is strongly advised that legal counsel be obtained before making this decision.

How do I obtain a government grant?

There is a misconception that the Federal Government issues grants to anyone who wishes to start a business. Unfortunately, there are only a few grants issued and these grants are usually very specific and highly competitive. Generally, the grants do not apply to the average person trying to start a business. Most grants are provided by private foundations. These foundations will usually offer grants only to non-profit organizations that have a similar, related or complementary mission to their own. The state offers several discretionary grants that meet minimum thresholds for job creation and investment. Additionally, Dinwiddie County has established an Enterprise Zone and has limited access to competitive grant funds available through the Virginia Tobacco Commission.

For more information please call the Dinwiddie County EDO at 804.469.4500 x2110

What is a business plan and how is it created?

A business plan is a formal statement of a business goal, the reason it is believed the goals are attainable, and the plan for achieving the stated objectives. A written business plan helps identify many elements of the business including market size and definition, product offerings and description, product development and launch dates, distribution plans, sales channels, management team and credentials, revenue forecasts, estimated production costs, general business and startup costs, projected sales, monthly cash flow and estimated break even point and profits, etc. It is the key element to successfully planning the business.

Some believe a business plan is only necessary when you are seeking bank financing. This couldn’t be further from the truth! A good business plan is something that a business owner should revisit at regular intervals and there should be measurements to see how well the business is meeting its goals.

Writing a business plan can be a daunting task. Assistance with preparation or reviewing the completed document is available from the Crater Small Business Development Center of Longwood University at 804.518.2003.

How do I obtain a Tax ID number for my business?

Incorporated businesses and companies that hire employees must obtain an Employer Identification Number. A Federal Tax ID (or FEIN) is issued by the Internal Revenue Service (800.829.4933). The application and instructions for completing it can be obtained by visiting www.irs.gov. The application can be completed online as well.

How do I secure a loan for my small business, and what do I need to prepare?

Before approaching any lending institution the organization will need a formal business plan (See above section titled “What is a Business Plan?”). If the company is a startup organization it will need to have private financing in place for the owners portion of the investment in the company. A conservative rule of thumb is that approximately 20 percent to 30 percent of the total investment is needed. No lending institution is going to invest in a startup business if the principles of the business do not believe enough in the venture to invest their own money in it.

If the company is an ongoing enterprise most lenders like to see a two-to-three year history of the business in terms of tax returns and year-to-date financials on the business and for the principles involved in the company.

What types of financial assistance do the state, county, or local communities provide to businesses?

Regardless of the nature of your business, the Economic Development Office (EDO) can provide you with direction in obtaining financial assistance in starting or maintaining operations.

The EDO can assist qualified businesses to access financing through various mechanisms. The EDO can introduce your company to the process of working with fixed asset financing programs such as the SBA 504 loan and tax exempt Industrial Development Revenue Bonds. Where necessary, other types of financing can also be explored.

The EDO is also experienced in assisting manufacturers in securing qualifying incentives. These programs are used to help ease the financial burden on manufacturers that are buying new machinery and equipment or are expanding their current building or locating a new operation in Dinwiddie County. Other select incentives for qualified businesses include grants for workforce training and infrastructure improvements.