Financial Services Expansion Grant Fund

Financial Services Expansion Grant Fund is sponsored by Virginia Economic Development Partnership. Offers grants to qualified companies making capital investments in eligible counties to support financial services operations.

Incentives | Virginia Economic Development Partnership Virginia has performance-based incentives for companies that locate or grow in the Commonwealth.

Infrastructure Assistance Recruitment & Training Incentives Regional & Local Assistance The Commonwealth of Virginia offers an array of discretionary incentives for competitive projects evaluating a Virginia location, providing financial inducements that make good fiscal sense for all parties. Performance-based incentives target the needs of companies as well as the development plans of localities and the Commonwealth.

Agriculture & Forestry Industries Development Fund (AFID) Provides grants to localities for businesses that add value to Virginia-grown agriculture and forestry products Commonwealth’s Development Opportunity Fund (COF) Provides “deal-closing” grants at the Governor's discretion to secure a company location or expansion in Virginia International Trade Facility Grant Program - a component of the Port of Virginia Economic Development Program and Fund The International Trade Facility Grant Program benefits companies that either create jobs or make capital investment in an international trade facility.

Port of Virginia Economic and Infrastructure Development Grant (EID Grant) Provides grants to companies that construct new maritime-related employment centers or expand existing centers Virginia Barge and Rail Usage Grant Program Offers per-unit credit for “international trade facilities” that transport containers using barge or rail, rather than trucks or other motor vehicles on Virginia’s highways Virginia Economic Development Incentive Grant (VEDIG) Provides grants to companies that invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia Virginia Investment Performance Grant (VIP) Provides grants to existing Virginia manufacturers or manufacturing-related research and development services that continue capital investment in the Commonwealth Virginia Port Volume Increase Grant Program Virginia’s Port Volume Increase Tax Credit benefits manufacturing, distribution, agriculture, and mineral and gas companies that utilize Virginia’s port facilities.

A company that increases its usage by 5% in a single calendar year over its base year of port cargo volume can receive $50 per TEU in excess over the previous year’s cargo volume A variety of financing options are available to companies and localities through state-level partners. These programs can meet many different project sizes and financing needs.

Virginia Small Business Financing Authority (VSBFA) Provides small businesses and communities with debt financing resources for business formation and expansion Infrastructure Assistance The Virginia Department of Transportation (VDOT) and the Virginia Department of Rail and Public Transportation (DRPT) offer several programs to assist localities in providing adequate infrastructure access for industrial and commercial projects.

These programs are designed to assist Virginia localities in attracting companies that will create jobs and generate tax revenues within the locality.

Economic Development Access Program Provides funds to localities for road improvements needed to create adequate access for new or substantially expanding companies Rail Industrial Access Program Provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects having a positive impact on economic development in Virginia Transportation Partnership Opportunity Fund (TPOF) Awards grants, revolving loans, or other financial assistance to an agency or locality for projects related to transportation capacity expansion Recruitment & Training Incentives Virginia offers financial assistance and training to companies that seek to attract and retain qualified employees in the Commonwealth.

Virginia Jobs Investment Program (VJIP) Provides services and funding to companies creating new jobs or implementing technological change to reduce human resource development costs for new companies, expanding companies, and companies retraining their employees Virginia Talent Accelerator Program Provides world-class training and recruitment solutions that are fully customized to a company’s unique operations, equipment, standards, and culture.

All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation. Regional & Local Assistance A number of targeted incentive programs exist in designated regions of the Commonwealth and within individual localities to attract businesses and assist in their growth. These programs can be statutory or discretionary and may offer additional financing options in some areas of Virginia.

Virginia’s cities, counties, and towns have the ability to establish, by ordinance, one or more defense production and support services zones to attract growth in national defense-related businesses.

Foreign Trade Zones (FTZs) Allows businesses to defer paying U.S. Customs duties on imported goods held within the zones until the goods enter the United States for domestic consumption Virginia’s cities, counties, and towns have the ability to establish, by ordinance, one or more green development zones.

Virginia cities, counties, and towns have the ability to establish by ordinance, one or more technology zones to attract growth in targeted industries.

Tobacco Region Opportunity Fund (TROF) Provides performance-based grants and loans to localities in Virginia's tobacco-producing regions (34 counties and six cities in southern and southwestern Virginia) Virginia Coalfield Economic Development Authority (VCEDA) Financing Provides low-interest loans or grants to qualified new or expanding businesses in a seven-county, one-city region in southwestern Virginia Virginia Enterprise Zone – Job Creation Grant Provides grants to businesses that create high-wage, full-time, permanent positions with health benefits in an Enterprise Zone that are net new jobs for Virginia Virginia Enterprise Zone – Real Property Investment Grant Provides grants to investors that undertake rehabilitation, expansion, or new construction projects within the boundaries of an Enterprise Zone Virginia offers stable, low-tax costs for companies, including the benefits of no franchise or net-worth tax, a modest sales tax with a broad range of exemptions, and a 6% corporate income tax rate, which has not changed since 1972.

Aiding the stable tax environment in the Commonwealth is a toolbox of credits and exemptions that companies can claim on taxes ranging from the sales and use tax to the corporate income tax.

Agricultural Materials and Equipment Sales & Use Tax Exemptions Offers sales and use tax exemptions for use by a farmer for purchase of tangible personal property for use in producing agricultural products for market, medicine and drugs sold to a veterinarian, or property used to produce agricultural products for market in an indoor, closed, controlled environment commercial agricultural facility.

Commercial and Industrial Sales & Use Tax Exemption Offers sales and use tax exemption for purchases used directly in production or research and development Data Center Retail Sales & Use Tax Exemption Offers exemption for qualifying computer equipment or enabling software purchased or leased for use in certain data centers in the Commonwealth that meet minimum investment and job creation requirements Recyclable Materials Processing Equipment Tax Credit An income tax credit is available to manufacturers for the purchase of certified machinery and equipment used for processing recyclable materials in taxable years beginning before January 1, 2027.