Incentives

The City of Suffolk offers a variety of financing and incentives programs designed to help businesses thrive.

Local

EDIP – Economic Development Investment Program
Grants supplied from local funds based on capital investment and job creation. Administered through the Suffolk Economic Development Authority, contact Suffolk Economic Development Department for more information.    

Technology Zone
Available for expanding and newly located technology companies located in designated “Technology Zone” designated corridors.

Flyer | Application

Façade Improvement Program
Grants are available to qualifying businesses for improvements to the appearance of their property within an approved master-planned part of the city.

Application

Statewide

FTZ - Foreign Trade Zone
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, Environmental Compliance Assistance, Small Business Credit Initiative and Economic Development Loans. 

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 and Infrastructure Development Grant Fund
Qualification based on criteria such as job growth via expansion or new construction and must utilize the Port of Virginia  

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 Entitities (CDEs)

State & Federal

Hub Zone
The Hub Zone Program provides small businesses located in designated Hub Zone census tracts with federal contracting opportunities.  Administered by the U.S. Small Business Administration.

Historic Rehabilitation Tax Credits
Historic Rehabilitation Income Tax Credits – Reductions in federal and state income tax liability for private taxpayers who rehabilitate historic buildings.  For information about state credits contact the Virginia Department of Historic Resources. For information about federal credits, visit the IRS website.

Workforce Development
Various workforce development resources offer valuable job assistance and training opportunities throughout the region.   They include:

“Anytime we need anything, we know the City of Suffolk is there to support us.”
Ted Narozny, Plant Manager
Unilever Lipton Tea
Recent Examples

Lipton

lipton.jpg

Unilever’s Lipton Tea was granted $1 million from the Commonwealth of Virginia and $3.7 million via EDIP from the city of Suffolk towards a $96 million upgrade in operations.

ATS

Applied Technical Systems’ (ATS) recent expansion qualified them to participate with the Suffolk Technology Zone incentive.

The Monument Companies

Monument was awarded a $70,000 façade grant to go towards the revitalization of eight adjoining downtown buildings that have been renovated into modern lofts and retail space.

Sumitomo

Sumitomo Machinery Corporation of America’s centralized distribution center, located in the Virginia Regional Center in Suffolk, is participating in the Foreign Trade Zone #20 status thanks to their location and product types.