Statewide Incentives

Foreign Trade Zone

A Foreign Trade Zone (FTZ) is a federally designated area that enables businesses to defer, reduce or eliminate the payment of U.S. Customs duties on goods held within that zone. Administered by the Virginia Port Authority (VPA).

Small Business Programs

The Virginia Department of Business Assistance (VDBA) and the Virginia Small Business Financing Authority (VBSFA) provide a variety of programs and services that support small business. These include:
  • Child Care Financing Program
  • Economic Development Loans
  • Environmental Compliance Assistance
  • Small Business Credit Initiative
The Virginia Economic Development Partnership (VEDP) provides performance-based incentives, such as the Governor's Opportunity Fund, to new and expanding businesses.

The VEDP oversees the Virginia Job Investment Program (VJIP) which offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change.

Port of Virginia's Economic & Infrastructure Development Grant Fund

The Port of Virginia's Economic and Infrastructure Development Grant Fund's (PDF) qualification is based on criteria such as job growth via expansion or new construction and must utilize the Port of Virginia.

New Markets Tax Credit Program

The New Markets Tax Credit Program permits investors in select communities to receive a tax credit against their federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs)