Last Updated on August 7, 2022 by Danielle McDonald
The federal government allocates the majority of the budget of more than $12,670.00 millions dollars in grants and additional $8,970.00 million dollars of local government funding sources annually into the business sector since small businesses and large corporations are the backbone of economic growth in Virginia. The state of Virginia has 150,125 businesses, and they are broken down into the following:
Virginia Business Sector Breakdown by Size
- 87,765 registered businesses in Virginia have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 25,737 registered businesses in Virginia have 5 to 9 employees.
- 16,188 registered businesses in Virginia have 10-19 employees.
- 13,712 registered businesses in Virginia have 20-99 employees.
- 3,461 registered businesses in Virginia have 100 to 499 employees.
- Over 3,262 registered businesses in Virginia have over 500 employees.
Virginia Business Sector Breakdown in Service Industries
- 27,539 registered businesses in Virginia are in the Professional, Scientific and Technical Services sector.
- 10,629 registered businesses in Virginia are part of the Administrative, Support, Waste Management, and Remediation Services sector.
- 15,982 registered businesses in Virginia belong in the Accommodation and Food Services sector.
- More than 21,317 registered businesses in Virginia are also service orientated businesses, but are not included in the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of Virginia has more than 47,000 farms.
Small Businesses in Virginia
It is difficult to start and manage a small business in Virginia. More than $137,138,000,000.00 US dollars is spent on employee salaries/payroll alone in the state, and every year, over 37,760 businesses go bankrupt. The federal government doesn’t provide grants publicly for expanding or starting a business. However, Virginia offers some small business grants to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact Virginia financial aid agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: