Business Equipment Acquisition Grant Program

The Roanoke County Economic Development Authority’s Business Equipment Acquisition Program (BEAP) Grant is designed to support eligible for-profit businesses within Roanoke County by providing funding for the acquisition of new capital. This program aligns with the Authority's mission to foster economic growth and strengthen local businesses by enabling them to bolster their operations. The grant directly addresses the need for capital investment, which is crucial for business expansion and modernization. The primary target beneficiaries of the BEAP Grant are for-profit businesses located in Roanoke County that meet specific eligibility criteria. To qualify, businesses must employ more than three full-time employees at a physical location in the county, have operated for at least one year, hold a current County or town business license, and be in good standing with all local ordinances and tax requirements. The program's impact goal is to stimulate economic activity by encouraging businesses to invest in new equipment, thereby enhancing productivity, creating jobs, and contributing to the overall economic vitality of Roanoke County. The program prioritizes the acquisition of new capital that falls under taxable business personal property or business machinery and tools, as defined by the Roanoke County Code. Examples of eligible acquisitions include tangible personal property such as furniture, fixtures, office and business machines, tools, and equipment used in various professions. Computer equipment (excluding software) and machinery and tools used in manufacturing, mining, processing, broadcasting, dry cleaners, commercial laundry, and dairy businesses are also specifically eligible. This focus ensures that funding supports tangible assets that directly contribute to operational improvements and business growth. The expected outcomes of the BEAP Grant include increased capital investment by local businesses, enhanced operational capabilities, and ultimately, job retention and creation within Roanoke County. Measurable results will be tied to the number of grants awarded, the total value of capital acquisitions facilitated, and the subsequent economic impact, such as growth in business personal property tax rolls. By providing financial incentives, the program aims to accelerate the modernization and expansion of local enterprises, reinforcing the Authority's strategic priority of nurturing a robust and competitive business environment through direct support and strategic investment.