State Incentive Programs
Financial Assistance:
- Small Business Environmental Compliance Assistance Fund - loans or to guarantee loans to small businesses for environmental pollution control or prevention equipment
- Virginia Defense Conversion Revolving Loan Fund - finance new manufacturing plants or improvements to existing manufacturing plants can obtain long-term financing at favorable interest rates; an IDB is a form of tax-exempt municipal bond
- Industrial Development Bonds
- Virginia Small Business Financing Authority - Commonwealth's economic development financing arm providing debt financing assistance
- Virginia Economic Development Revolving Loan Fund
- Loan Guaranty Program - the Virginia Small Business Financing Authority will guarantee a portion of a loan or line of credit extended by a commercial bank to a qualified Virginia business.
- Virginia Investment Partnership Grant Fund - existing Virginia manufacturers or research and development services to continue to invest in Virginia and adding capacity, utilizing technology, and modernizing assembly processes.
- Export Financing Assistance Program
- Child Day Care Financing Program - low-interest installment loans to "regulated" Providers in the Commonwealth of Virginia
- Governor's Opportunity Fund - Discretionary funds available to the Governor to secure a business location or expansion project for Virginia
- Community Development Block Grants - DHCD provides funding to eligible units of local government (non-entitlement communities only) for projects that address critical community needs including housing, infrastructure, and economic development.
- Solar Photovoltaic Manufacturing Grants - a performance-based incentive for the product development and manufacture of a high-technology, renewable energy source in Virginia.
Infrastructure Development Grants:
- Industrial Access Road Program - provide adequate access to qualifying development sites, including a new roadway, improvement of an existing roadway, or both to serve the designated site
- Rail Industrial Access Program - fosters rail development and access to freight rail service for new or expanding business and industries
- Foreign Trade Zones - "expedite and encourage foreign commerce" in the United States
Customized Workforce Training:
- Workforce services including consulting, video production, and funding of training
- Regional Workforce Development Initiative: wage and skills survey, Workforce Development Center
Tax Credits and Exemptions:
- Major Business Facility Job Tax Credit - Companies engaged in any business in the Commonwealth, except for retail trade business, may claim a Virginia tax credit if the taxpayer creates at least 100 new full-time jobs in connection with the establishment or expansion of a major business facility.
- Recycling Equipment Tax Credit
- Enterprise Zone Tax Credits
- Sales and Use Tax Exemptions
- Day Care Facility Investment Tax Credit
- Worker Retraining Tax Credit - allows an employer to claim a tax credit for the training costs of providing eligible worker retraining to qualified employees
- Technology Zone Tax Credits
Technical Support Programs:
*Note: The Program is presently under review by State Legislature for possible extension or revision. Please contact the Virginia Department of Housing and Community Development for information on Enterprise Zone status.
