A number of state incentives are also available from the Commonwealth of Virginia. These include:

• Virginia's Governor's Opportunity Fund (GOF) makes grants available for projects that create a significant economic impact and are considering multi-state location options. Projects that create more than $10 million in new capital investment and at least 100 new jobs in Newport News may be eligible for a grant from the GOF. The amount of each grant is determined by the Virginia Economic Development Partnership on the basis of a project's return on investment to the Commonwealth and the value of local matching incentives. GOF grants are made at the discretion of the Governor.

• The Major Eligible Employer (MEE) Grant is used to encourage major basic employers to invest in Virginia and to provide a significant number of stable employment opportunities by either making a significant expansion to existing operations or constructing new ones. To be eligible for an MEE, a minimum capital investment of $100 million and the creation of at least 1,000 new full-time jobs are required, although the job creation threshold can be lowered for exceptionally high-paying new jobs.  This award is available to existing Virginia manufacturers and other nonmanufacturing basic employers.  MEE grants may not exceed $25 million per project and is subject to a performance agreement with VEDP.  Funding is at the discretion of the General Assembly.

• The Virginia Economic Development Investment Grant (VEDIG) is targeted to attract major corporate headquarters, administrative, R&D or other similar service and basic sector operations. VEDIG Grants can be up to $6 million. Funding is at the discretion of the Virginia General Assembly and VEDIG awards are made at the discretion of the Governor.

• The Virginia Investment Partnership (VIP) Grant targets major expansions by existing manufacturers, R&D and other basic economic employers. VIP grants are available to manufacturers and R&D that supports manufacturing for capital investments of at least $25 million, with no job loss. The amount of each grant is determined by the Virginia Economic Development Partnership on the basis of a project's return on investment to the Commonwealth. VIP grants are made at the discretion of the Governor.

• The Virginia Jobs Investment Program (VJIP) offsets the recruiting and training costs of new and expanding companies by providing customized services and funding to qualifying companies that are creating new jobs or experiencing technological change.

• The Major Business Facility Expansion Tax Credit provides a $1,000 per job credit on state income tax for manufacturers, corporate headquarters and other economic base companies creating at least 50 new jobs. The tax credit is delivered over a three-year period. The Major Business Facility Expansion Tax Credit cannot be taken with the Virginia Enterprise Zone Job Creation Grant.

• The Transportation Partnership Opportunity Fund (TPOF) is used by the Governor to encourage the development of transportation projects through the design-build provisions of section of the Code of Virginia. The financial assistance may be used for transportation capacity development, on and off site; road, rail, mass transit or other transportation access costs beyond the funding capability of existing programs; studies of transportation projects including but not limited to environmental analysis, geotechnical assessment, survey, design and engineering, advance right-of-way acquisition, traffic analysis, toll sensitivity studies, financial analysis, or any other transportation development activity permitted by law.

• The Virginia Enterprise Zone Job Creation Grant provides annual grants of $500 or $800 per job over a five-year period for each new job created above a four-job threshold by a company located in a Virginia Enterprise Zone.

• The Virginia Enterprise Zone Real Property Investment Grant provides a grant of up to $200,000 for new real estate construction or renovation by a company located in a Virginia Enterprise Zone.

• Virginia's Workforce Services Program provides grants and in-kind assistance for worker training and retraining.

• The Virginia Economic Development Loan Fund can provide loans of up to $1,000,000 for qualifying companies.

• The Virginia Small Business Financing Authority's Industrial Development Bond Program offers long-term financing for new manufacturing plants or improvements to existing manufacturing plants at favorable interest rates. The bonds offer 100% project financing for costs including site preparation, capitalized interest during construction and most issuance costs, up to $20 million.

• The Virginia Small Business Financing Authority's Loan Guaranty Program can guaranty 75% of a commercial loan or line of credit, up to $500,000.

• Virginia's Small Business Environmental Compliance Assistance Fund can make low-interest loans of up to $100,000 to small businesses for purchase of equipment used to comply with the Clean Air Act.

• The Virginia Capital Access Program can assist a company in obtaining a commercial loan through a credit-enhancement process.


return to top