Department or Agency: Virginia Economic Development Partnership (VEDP)
Loan or Grant title: Virginia Talent Accelerator Program
The Virginia Talent Accelerator Program is a unique, customized talent training services program aimed at attracting companies looking to start or expand operations in Virginia. Eligible companies must obtain 51% of their revenue outside Virginia at the time of application, with eligible projects being in active competition with other states.
In the first year of operation, projects must further create over 25 net-new jobs (manufacturing) or 50 net-new jobs (all other industries), offering compensation comparable to the prevailing local wage. Customized learning services include job training specific to the organization’s operations, equipment, standards, and culture. The program includes hands-on training, simulations, broadcast-quality videos, illustrated work instructions, instructor-led sessions, animation, and e-learning modules. Customized multimedia employment recruitment materials are also available. Interested companies should visit the webpage and contact VEDP for more information.
Department or Agency: Virginia Coalfield Economic Development Authority (VCEDA)
Loan or Grant title: Virginia Coalfield Economic Development Authority Financing
Virginia Coalfield Economic Development Authority Financing is a revolving-loan program designed to diversify the economic base of business in the seven counties that make up Virginia’s “e-region.” This territory is defined as Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties—and the City of Norton, Virginia. Low-interest loans can be used to address fixed-asset needs, such as purchasing real estate, constructing or expanding buildings, or buying machinery or equipment. Begin the process by contacting the Virginia Coalfield Economic Authority to request an application.
Department or Agency: Virginia Department of Housing and Urban Development
Loan or Grant title: Virginia Enterprise Zone Job Creation Grant
Virginia Enterprise Zone Job Creation Grants provide incentives to businesses that bring jobs to areas falling within defined Enterprise Zones. Eligible companies may claim grants for up to 350 jobs per year and must create over four full-time jobs to qualify for a five-year grant period. Awards are per-employee and range based on the salary offered, benchmarked against the federal minimum wage or the Virginia minimum wage—whichever is higher. For jobs offering 150% of the minimum wage, companies receive up to $500 per worker. Those offering 175% of the minimum wage get up to $800 annually per worker. In areas with high unemployment, companies can receive a defined grant of $500 for jobs paying 125% of minimum wage and $800 for jobs paying 175%. See the webpage for full eligibility requirements and to apply.
Department or Agency: Virginia Coalfield Economic Development Authority (VCEDA)
Loan or Grant title: VCEDA Seed Capital Matching Fund
The VCEDA Seed Capital Matching Fund offers grants of up to $10,000 to startups that have been in business for less than a year and with fewer than ten employees. Businesses must create at least one new job within a year of receiving the grant, be able to offer a dollar-for-dollar match, and be located in southwest Virginia’s “e-region.” This territory is defined as Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties—and the City of Norton, Virginia. Applicants need a letter of support from the local economic development authority. See the webpage for contact information and to get more details.
Department or Agency: Virginia Small Business Financing Authority and the Virginia Department of Small Business & Supplier Diversity
Loan or Grant title: Small Business Investment Grant Fund
The Small Business Investment Grant Fund is an annual grant program designed to promote growth and investment in Virginia small businesses. The fund offers grants up to 25% of a qualified investment or $50,000, whichever is less, to qualified investors supporting businesses that have a primary location in Virginia. Supported businesses must have an annual revenue of under $5,000,000. Note, Small Business Investment Fund grants are for investors, not for the businesses being supported. Learn more about eligibility here and check the webpage to track when the next grant period opens.
Department or Agency: Virginia Small Business Financing Authority and the Virginia Department of Small Business & Supplier Diversity
Loan or Grant title: Microloan Program for Small Businesses
The Microloan Program helps small businesses located in Virginia by providing short-term loans that help to create or retain jobs and promote longer-term economic development. Eligible borrowers must be a Virginia business in good standing with fewer than 250 employees and under $10,000,000 in annual revenue. Loans are up to $50,000 and require personal guarantees and a 60-month repayment term. Certain borrowers may be required to receive technical assistance from the Small Business Development and Outreach Service.
Department or Agency: Virginia Community Capital
Loan or Grant title: Economic Equity Fund
The Economic Equity Fund is designed for small business owners who are women and/or Black, Indigenous, or People of Color (BIPOC), and whose businesses were negatively impacted by the COVID-19 pandemic. Loans can be used to buy a business, finance debt, buy property or equipment, or as a line of credit. Businesses must be in operation for over 18 months and be located in low- or moderate-income communities. Loans must be $1,000,000 or less. Visit the webpage to request more information.
Department or Agency: Virginia Economic Development Partnership
Loan or Grant title: Virginia Economic Development Incentive Grant (VEDIG)
Virginia Economic Development Incentive Grants are designed to attract competitive projects to Virginia. Projects must be significant, creating hundreds of jobs in Virginia by relocating headquarters, administrative, or service sector operations to Virginia. Depending on location and wages offered, companies must create between 200–400 jobs, ranging from 150–200 percent of the local prevailing wage, and meet minimum capital or job investment requirements. Award amounts vary, and are calculated based on a return-on-investment analysis, jobs and wages, capital investment, regional unemployment and poverty figures, and more. See the webpage for resources and contact information.
Department or Agency: Virginia Economic Development Partnership
Loan or Grant title: Supply Chain Optimization Program
The Supply Chain Optimization Program is designed to help Virginia businesses looking to improve their supply chain processes in order to pursue exporting initiatives. Eligible companies can apply for up to $10,000 in reimbursement for expenses associated with supply chain enhancement. Companies also receive expert guidance on supply chain mapping, transportation, import compliance, and more. See the webpage for details and contact information to apply.
Department or Agency: Virginia Economic Development Partnership
Loan or Grant title: Virginia Global Business Internship Program
The Virginia Global Business Internship Program reimburses companies up to $6,000 for a talented university student to perform a ten-week summer internship at a Virginia company. Students will further the company’s export capacity and make progress on its international business expansion strategies. Eligible companies have at least five employees and operate in Virginia. See the webpage for the intern screening process and contact information to apply.
Department or Agency: Virginia Innovation Partnership Corporation Commonwealth Commercialization Fund (CCF)
Loan or Grant title: Private Sector Funding Opportunity
The CCF Private Sector Funding Program supports promising Virginia for-profit companies that need financing to support proof-of-concept, product development, or pre-seed stage commercialization activities. Grants are up to $75,000 and are awarded on a rolling basis with a 90-day turnaround for applications. A one-to-one match is required, and grants are targeted to specific industries. See the guidelines for more details.
To revisit in the future in case it re-opens (deadline was August 2023)
Department or Agency: Virginia Tourism Corporation
Loan or Grant title: Microbusiness Marketing Leverage Program
The Microbusiness Marketing Leverage program is designed to support small businesses that promote Virginia tourism in the “shoulder tourism season” between September and May. Applicants are eligible for $5,000 in reimbursed expenses that fall within the application window and were used to promote tourism and meet the application requirements. See webpage for details.
