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Location Benefits

State Incentives*

 

Financial Assistance:
  • Small Business Environmental Compliance Assistance Fund - loans or to guarantee loans to small businesses for environmental pollution control or prevention equipment
  • Virgina 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:

 

Customized Workforce Training:

 

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.