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 $5 million in new capital investment and at least 50 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 Virginia Economic Development Investment Grant (VEDIG) is targeted to attract major corporate headquarters and financial services locations. VEDIG Grants can be up to $3 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. VIP grants are available to other economic base employers that invest at least $100 million and create at least 1,000 new jobs. However, only 400 new jobs are needed if these are high salary jobs at twice the City's prevailing wage. 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. They are delivered in five annual installments beginning in the third year after project completion for a company in Newport News. VIP grants are made at the discretion of the Governor.

• 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 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 $250,000 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.

• If your company receives at least 15% of its revenues from defense contracts, the Defense Conversion Revolving Loan Fund could provide a loan of up to $1,000,000.

• The Virginia Small Business Financing Authority's Loan Guarantee Program can guaranty 75% of a commercial loan or line of credit, up to $300,000.

• 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.


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