VA: International Trade Facility Grant Program - a component of the Port of Virginia Economic Development Program and Fund
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International Trade Facility Grant Program - a component of the Port of Virginia Economic Development Program and Fund | Virginia Economic Development Partnership Skip to main content The International Trade Facility Grant Program (ITF Grant) has been established to provide grant funding to eligible international trade facilities that increase qualified trade activities at port facilities located in the Commonwealth of Virginia. Grant funding is applied based on the capital investment made by the applicant to facilitate the qualified trade activities or an increase in employment at an international trade facility. In addition, the port cargo volume growth at these facilities must increase by a minimum of five percent (5%) in a single calendar year over its base year port cargo volume and requires the facility pay a minimum entry-level wage rate to all full-time positions. A qualified company that claims employees for the International Trade Facility Grant Program cannot receive an award for jobs previously claimed for the Major Business Facility Job tax credit. In addition, a qualified company that is claiming the International Trade Facility Grant Program cannot also claim the Economic and Infrastructure Development Grant. Contact Britni Sherrill Virginia Port Authority 757.683.2173 bsherrill [at] portofvirginia.com Eligibility The company must be an international trade facility. For purposes of this grant award, an “international trade facility” is defined as a company that: Is engaged in port-related activities. Uses operated marine port facilities located in Virginia. Transports at least 5% more cargo through maritime port facilities in the Commonwealth during the taxable year than was transported by the company through such facilities during the preceding calendar year. Pays a minimum entry-level wage rate per hour of at least 1.2 times the federal minimum wage or the Virginia minimum wage, as required by the Virginia Minimum Wage Act, whichever is higher. For purposes of this grant award, the term “international trade facility” refers to the company itself, rather than the facility where port-related activities are being conducted by the company. Beginning January 1, 2025, the jobs portion of the International Trade Facility Grant Program is equal to $3,500 per qualified full-time employee that results from increased qualified trade activities. A “qualified full-time employee” is an employee filling a new, permanent full-time position in an international trade facility in Virginia. To qualify as a “new, permanent full-time position,” the position filled by the employee must be either: A job of indefinite duration, created by the company after establishing or expanding an international trade facility in Virginia, requiring a minimum of 35 hours of employment per week for the entire normal year (defined as 48 weeks in a calendar year) of the company’s operations; or A position of indefinite duration that requires a minimum of 35 hours o