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Virginia Direct Financial Incentives

Area Development Online Research Desk (Feb/Mar 09)

Virginia Small Business Financing Authority:
Offers an array of programs to meet targeted needs of businesses and improve access to capital needed for growth and expansion. These programs include the Economic Development Loan Fund, Industrial Development Bonds, Loan Guaranty Program, Virginia Capital Access Program, and Child Care Financing Program.

Governor's Opportunity Fund:
The Governor's Opportunity Fund (GOF) is designed as a "deal closing" fund to be employed at the governor's discretion when necessary to secure a company location or expansion in Virginia. The GOF serves as a final resource for Virginia in the face of serious competition from other states or countries. Awards are made with the expectation that the grant to a locality will result in a favorable decision for the commonwealth. Grants are awarded to localities on a local matching basis. Capital is provided for site acquisition and development, transportation access, training, construction or build-out of publicly owned buildings.

Virginia Investment Partnership Grant Fund:
A discretionary investment performance grant program for existing Virginia manufacturers or research and development services supporting manufacturing, and major basic employers. The program is targeted to companies that have operated in Virginia for at least five years and that are proposing expansion projects that meet certain criteria.

Enterprise zone grants:
Qualifying businesses operating within any of the state's enterprise zones may be eligible for job creation and real property investment grants. A company may receive a cash grant for permanent net new qualifying jobs created for up to 350 jobs annually during a five-year grant period. Qualified zone investors are also eligible for a cash grant when making a qualified investment in real property located within an enterprise zone. Additionally, local enterprise zone incentives are offered.

Tobacco Region Opportunity Fund:
The Tobacco Region Opportunity Fund makes grants to localities in Virginia's tobacco producing regions to assist with specific projects that result in the creation of new jobs and investment. Grants are made at the discretion of the Tobacco Indemnification and Community Revitalization Commission and the Governor. Eligible projects must include a minimum new private capital investment of $1 million.

Virginia Jobs Investment Program:
The Virginia Department of Business Assistance Virginia Jobs Investment Program (VJIP) offers customized recruiting and training to companies that are creating new jobs or are substantially retraining existing employees. VJIP offers funding and services through three distinct incentive programs that fit a spectrum of training and retraining needs that include the New Jobs Program, the Small Business New Jobs Program and the Retraining Program.

Brownfield Local Tax Rebate Program:
Businesses completing environmental cleanup of a contaminated site through Virginia's Voluntary Remediation Program may be eligible to have local property taxes in participating localities deferred over a five year time period, based on the improved value of the property.

Community Development Block Grant Program:
This program supports projects by private, for-profit basic industries creating employment opportunities for low- and moderate-income persons in eligible localities. Localities are provided the ability to submit proposals to take advantage of economic development opportunities. Funds may be used for offsite activities such as water and sewer line extensions or treatment facilities, drainage, and road and rail access. On-site assistance may be eligible in some projects, but these projects are subject to underwriting.

Technology zones:
Virginia cities, counties, and towns have the ability to establish, by ordinance, one or more technology zones to attract growth in targeted industries. Qualified businesses locating or expanding operations in a zone may receive local permit and user fee waivers, local tax incentives, special zoning treatment, or exemption from ordinances. Once a local technology zone has been established, incentives may be provided for up to ten years. Each locality designs and administers its own program.

Empowerment Zone/Enterprise Community Program:
Virginia has two Empowerment Zone/Enterprise Communities established in the state. A combination of federal tax incentives and flexible grant funds are available to businesses that locate within the zones. These zones are located in Portsmouth/Norfolk and in Northampton and Accomack Counties.

Virginia State Contact:
Virginia Economic Development Partnership
P.O. Box 798
Richmond, VA 23218-0798
(804) 545-5600

Incentive and tax information is provided to Area Development by each state’s economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.

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