In 2008, the Charlottesville Office of Economic Development launched An Interactive Guide to Starting a Business in Charlottesville, a CD-based program designed to step local entrepreneurs through the nuts and bolts of setting up and operating a successful business. Unlike traditional guides, it is designed to operate in a web-browser environment which means content is easily navigated and the user has access to up-to-date information through external Internet links. The CD also contains copies of all relevant federal, state, and local forms needed to start and operate a business, and because of its interaction with the Internet, updates are just clicks away. One of the highlights of the guide is an innovative and easy-to-use program that helps the user develop a business plan, often one of the more difficult steps in setting up a new business. Using nationally known EntrePlan™ Business Plan Software, the CD generates customized financial projections, a marketing plan, and competitor analysis and encourages the entrepreneur to develop a meaningful business strategy. To get a free copy of the CD, please contact the Office of Economic Development at (434) 970-3117.
FOCUS Women’s Resource Center is now offering a Microloan Program that provides small loans to women to start or expand their business. The loan can also be used towards professional training, certification, or activities that help advance careers. The maximum amount of the loan is $1500 per borrower, and loan maturities cannot exceed two years. The interest rate is fixed at 4.0%, and borrowers will be asked to sign a Loan Agreement and Commercial Note, both of which will outline late charges, collateral, and other expectations.
Once an application is submitted, it will be reviewed by a loan committee. The borrower will be asked to attend this meeting. If the loan is approved, the borrower will be encouraged to participate in a 4 to 6 hour pre-loan training session. For additional information or to request an application, call FOCUS at 434-293-2222 and ask to speak to Dr. Robin Eliason (ext. 27) or Sandi Burke (ext. 19).
In April 2008, Forbes Magazine ranked the Metro Charlottesville area as the 9TH BEST SMALL CITY IN THE U.S. TO DO BUSINESS. The rankings cover 179 small metro areas and were based on job and income growth, business and living costs, crime, educational attainment, presence of four-year colleges and cultural and recreational opportunities. The City hopes that this prestigious ranking encourages other small and medium sized businesses to consider Charlottesville as a possible home.
Fortune Small Business recently ranked Charlottesville as the 18TH BEST PLACE IN THE U.S. TO LIVE AND LAUNCH A BUSINESS. The rankings were based on economic conditions such as local tax rates, as well as natural beauty and easy access to museums. Charlottesville was recognized as a business friendly city because of local resources such as the SBDC and SCORE office, and the Charlottesville Economic Development Authority, which helps businesses by issuing tax-exempt revenue bonds with low interest rates. Charlottesville recently ranked 1ST IN VIRGINIA & 24TH IN THE NATION FOR ECONOMIC GROWTH. The Charlottesville MSA was among the top 10% of regions nationwide. The results are part of the Regional Economic Performance Index that evaluates all 345 metropolitan areas on their predicted growth and overall economic health. Charlottesville scored particularly well in the young knowledge workers category ranking 10th overall in percentage of population aged 25-34 with a bachelor’s degree or higher.
The Downtown Mall is now home to JUST CURRY, a popular Corner eatery that serves a variety of curry dishes. Located on the main floor of the Downtown Transit Station, the take-out restaurant opened April 7 to good reviews and is quickly becoming a popular dining destination. The decision to expand downtown had been on the restaurant owner’s mind for some time, and he saw the Transit Station as a good opportunity to have a visible presence on the mall.
Downtown Charlottesville is now home to ECODRY CLEANERS, located at 801 West Main Street directly across from the Amtrak Station. The environmental friendly dry cleaner, which cleans with a processor that does not use the hazardous chemical perchloroethylene, opened May of this year. EcoDry substitutes perchloroethylene with CO2, a healthier dry cleaning alternative obtained as a recycled by-product of other industrial processes. WHITE HOUSE BLACK MARKET, a national retail chain that offers sophisticated and elegant apparel for women in shades of black and white opened its 3,330 square foot location at Barracks Road Shopping Center at the end of July. Federal Realty Investment Trust is excited for the opening of the store and feels the addition will further enhance the merchandising mix at the shopping center.
Following its ground-breaking ceremony on March 11, work has begun in earnest on the long awaited Landmark Hotel. In July, a 120 foot tower crane was erected on site. The crane will assist with concrete pours and move materials around the site for the duration of the construction. It is believed that this crane is the largest ever to be used to construct a building in Charlottesville. The $30 million, nine-story building will have 100 rooms, a rooftop terrace, and a restaurant and bar that promise to be a central meeting spot in the heart of downtown Charlottesville. The project is expected to take 18 months to complete with an anticipated opening date of Fall 2009.Also under construction and rising rapidly downtown is 455 Second Street SE, a five-story, 35,000 square foot office building located at the corner of Monticello Avenue and 2nd Street. This building, which is adjacent to the ACAC complex, offers the first true Class A office space in the City of Charlottesville in many years. Amenities include luxurious interior finishes, covered private parking spaces, abundant natural light and expansive views of the surrounding city and mountains. Building occupancy is expected in March of 2009 and leasing is currently underway with perspective tenants.
Across town, Grove Square, a significant multi-story project in the Fifeville area also received preliminary approval from the Planning Commission. This project includes a series of buildings at the corner of Grove Street and Roosevelt Brown Boulevard. Grove Square is a true mixed use project with substantial amounts of retail, residential and office space being planned. No construction date has been set at this time.
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