VA: Incentives
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Incentives | Virginia Economic Development Partnership Skip to main content Virginia has performance-based incentives for companies that locate or grow in the Commonwealth. Discretionary Incentives Financial Assistance Infrastructure Assistance Recruitment & Training Incentives Regional & Local Assistance Tax Incentives Telework Incentives Discretionary Incentives 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 Financial Assistance 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 Virg