As a publicly-funded entity to promote economic development, the Hanover County Economic Development’s (HCED) primary mission is to increase the county’s tax base and create new jobs for its citizens. This mission is best accomplished by providing services to companies that are considering a location in the County and assistance to its existing businesses. Numerous programs, information sources and databases have been developed to provide important information to Hanover’s established business base, the corporate community and the consultants that represent them.
HCED’s responsibilities may be summarized as follows:
- Develop and implement long-term County economic development policy.
- Foster economic development collaboration among County leaders, citizens and businesses.
- Market the County’s business advantages together with both other initiatives/incentives.
- Serve as the primary contact when the County receives business-related inquiries.
- Serve as a resource to the Economic Development Authority.
Assist Existing Businesses
- Be a technical resource to the County’s business community.
- Encourage existing County businesses to invest and expand where/when appropriate.
- Visit/interview existing businesses to gauge specific business needs and general business climate.
- Respond to local business needs and serve as a business community liaison with County.
Encourage New Business
- Provide local entrepreneurs with guidance and resources for their start-up ventures.
- Provide training resources/information to small businesses and start-up ventures.
- Provide marketing support for the Dominion Resources Innovation Center.
Recruit/Relocate Out-Of-Town Businesses
- Respond to commercial prospect inquiries whether sourced in house or via regional partners.
- Expand the County supply of available commercial and industrial sites and buildings.
- Be a strategic resource and facilitator to groups looking to develop sites within the County.
Economic Development Strategic Plan
The Economic Development Strategic Plan guides economic development policy in Hanover County. The Plan’s strategies and priorities are evaluated and updated periodically as directed by the Board of Supervisors. As a result of the Plan, the County has improved the permitting process and has established priority Economic Development Zones.
The County’s seven-member Economic Development Authority (EDA) was created in 1967 to provide creative financing alternatives to assist businesses in land acquisition, building construction and equipment acquisition. More than 123 bonds have been issued by the EDA, for a total value of more than $716,521,909.