Business Incentives

The New River Valley and the Commonwealth of Virginia have incentives at every level. Ranked the #1 Top State for Business by CNBC (2019), Virginia works hard to invest in job creation. With dedicated economic developers in every locality in our region, we’re proud to welcome you and your business to our community and make it as easy as possible.

STATE INCENTIVES

Virginia Jobs Investment Program

The Virginia Jobs Investment Program (VJIP) provides customized recruiting and training services to companies creating new jobs or experiencing technological change.

Virginia Investment Partnership Grant

The Virginia Investment Partnership Grant (VIP) is a discretionary performance incentive designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development, and utilization of advanced technology.

Virginia Economic Development Incentive Grant

The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia.

Incentives - Real Property Investment Grant

Virginia Enterprise Zone –
Real Property Investment Grant

The Virginia Department of Housing and Community Development (DHCD) is committed to creating safe, affordable, and prosperous communities to live, work and do business in Virginia. DHCD partners with Virginia’s communities to develop their economic potential, regulates building and fire codes, train building officials, and invest more than $100 million each year into housing and community development projects throughout the state. The Community Revitalization Office of DHCD administers the Virginia Enterprise Zone Job Creation and Real Property Investment Grants.

Virginia Enterprise Zone –
Job Creation Grant

Tobacco Region Opportunity Fund

The Tobacco Region Opportunity Fund (TROF) provides performance-based monetary grants to localities in Virginia’s tobacco producing regions (34 counties and six cities in Southside and Southwest Virginia as defined by the Virginia Tobacco Region Revitalization Commission) to assist in the creation of new jobs and investments, whether through new business attraction or existing business expansion.

Rail Industrial Access Fund

The Virginia Department of Rail and Public Transportation administers the Rail Industrial Access Fund which promotes truck to rail diversion by connecting new or expanding businesses to the freight rail network. The program is available to industries, businesses or localities. The RIAF supports economic development efforts in localities where new or expanding businesses require rail access.

Port of Virginia Economic and Infrastructure Development Grant

The Port of Virginia Economic and Infrastructure Development Grant provides a grant to incentivize companies to locate new maritime-related employment centers, or expand existing centers, in order to encourage and facilitate international trade and the growth of the Port of Virginia.

Major Eligible Employer Grant

The Major Eligible Employer Grant (MEE) is a discretionary performance incentive designed to encourage significant capital investment and job creation by Virginia manufacturers and other basic employers, to grow in Virginia, rather than another state or country.

Growth Acceleration Program

The CIT GAP Fund makes seed-stage equity investments in Virginia-based technology, green technology, and life science companies with a high growth potential. The GAP Funds are overseen by CIT and private sector experts – the Investment Advisory Board – who conduct thorough due diligence on the companies before making investments.

Governor’s Motion Picture Opportunity Fund

The Governor’s Motion Picture Opportunity Fund (GMPOF) is administered by the Virginia Film Office, a division of the Virginia Tourism Authority, and is designed to attract and support the film, television and video industries in Virginia by providing grants for companies that produce projects in the Commonwealth using Virginia workers, resources, goods and services. Grants from GMPOF are sometimes combined with Virginia Motion Picture Production Tax Credits to provide an incentive package on par with Virginia’s competition.

Economic Development Access Program

The Virginia Department of Transportation (VDOT) administers this program which assists localities in providing adequate road access to new and expanding manufacturing and processing companies, research and development facilities, distribution centers, regional service centers, corporate headquarters, government installations, and other basic employers. The program may be used to: improve existing secondary highway system roads and city streets to accommodate the anticipated additional and type of traffic generated by an eligible economic development site; and to construct new roads from a publicly maintained road to the new eligible establishment’s primary entrance when no road exists.

Commonwealth’s Development Opportunity Fund

The Commonwealth’s Development Opportunity Fund (COF) is Virginia’s “deal closing” discretionary grant. The COF is used as a financial incentive for business opportunities resulting in significant job creation and investment once one Virginia locality has been selected by the company.

Agriculture and Forestry Industries Development Fund – Facility Grant

The AFID Facility Grant programs offers localities discretionary matching economic development incentive funds to assist them in locating new or expanding facilities that create new jobs, capital investment and add value to Virginia grown agriculture and forestry products.