Virginia isn’t just for lovers—it’s also an attractive state for aspiring entrepreneurs and seasoned business owners. The state has a strong economy, a high-quality workforce, and many business resources. Think: tax exemptions, tax credits, cash incentive programs, matching grants, and low-interest loans. If you’re a Virginia-based business owner, this list is for you. Keep reading for a complete breakdown of state and local financing options. (And bookmark this page for a guide to Virginia business tax credits, too.)
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 that attracts 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 actively competing 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.
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 businesses 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.
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 incentivize 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 providing 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%.
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 have fewer than ten employees. Companies 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.
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 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 companies must have an annual revenue of under $5 million. Note, Small Business Investment Fund grants are for investors, not for the businesses being supported.
Department or Agency: Locus
Loan or Grant title: Economic Equity Fund
Locus’s Economic Equity Fund is designed for small business owners who are women and/or Black, Indigenous, or People of Color (BIPOC), 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. Companies must be in operation for over 18 months and be located in low- or moderate-income communities.
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 and 400 jobs, ranging from 150 to 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.
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 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.
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.
Department or Agency: Virginia Innovation Partnership Corporation (VIPC)
Loan or Grant title: Private Sector Funding Opportunity – Technology Commercialization Grants
The VIPC’s Commonwealth Commercialization Fund offers grants to promising Virginia for-profit companies that need financing to support proof-of-concept, product development, or pre-seed stage commercialization activities. Grants range from $100,000 to $300,000 across three tiers. A one-to-one match is required, and grants are targeted to specific industries.
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.
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 million in annual revenue. Loans are up to $150,000 and require personal guarantees and a 60-month repayment term.
Department or Agency: Virginia Economic Development Partnership
Loan or Grant title: International Trade Facility Grant Program
The International Trade Facility Grant Program gives grants to eligible international trade facilities (ITFs) that increase qualified trade activities at port facilities in Virginia. To qualify, companies must also improve their port cargo volume growth by 5% from the previous year. The grant amount is $3,500 per new job created from the increased trade activities.
Department or Agency: Virginia Economic Development Partnership
Loan or Grant title: Major Eligible Employer Grant Program
The Major Eligible Employer Grant Program offers cash grants of up to $25 million to major enterprises creating new jobs and making capital investments in Virginia. To qualify, enterprises must invest at least $100 million and create at least 1,000 new jobs.
Department or Agency: Virginia Economic Development Partnership
Loan or Grant title: Port of Virginia Economic and Infrastructure Development Grant
The Port of Virginia Economic and Infrastructure Development Grant is available to maritime commerce and manufacturing companies that locate to or expand within Virginia. To qualify, companies need to create at least 25 new, full-time positions at a facility in Virginia and be involved in at least one of the following: distribution, freight forwarding, freight handling, goods processing, manufacturing, warehousing, crossdocking, transloading, or wholesaling of goods exported and imported through the port of Virginia; shipbuilding and ship repair; dredging; marine construction; or offshore energy exploration and extraction.
Department or Agency: Virginia Economic Development Partnership
Loan or Grant title: Virginia Jobs Investment Program
The Virginia Jobs Investment Program gives grants to businesses that need help offsetting their employee training and recruiting costs. Companies can get $500-$1,000 per eligible job they provide training for.
Department or Agency: Virginia Innovation Partnership Corporation
Loan or Grant title: Virginia Venture Partners
VIPC’s venture capital program, Virginia Venture Partners, supports tech, cybersecurity, life sciences, energy, and aerospace startups in Virginia. Eligible companies can get one of the following: 1) $50,000 launch grants, 2) launch convertible notes of up to $150,000, 3) pre-seed investments up to $250,000, and 4) seed investments up to $1 million.
Department or Agency: Virginia Small Business Financing Authority and the Virginia Department of Small Business & Supplier Diversity
Loan or Grant title: Child Care Financing Program
The Child Care Financing Program is available to eligible child care and daycare providers in Virginia. Family day home providers can get a loan of up to $15,000, and child care centers can get between $150,000-$250,000. All loans have a seven-year repayment period.
Department or Agency: Virginia Small Business Financing Authority and the Virginia Department of Small Business & Supplier Diversity
Loan or Grant title: Economic Development Loan Fund
The Economic Development Loan Fund helps Virginia businesses fill the financing gap between private debt financing and private equity. Businesses can use the loan funds for various business purposes, including real estate acquisition, machinery purchases, and leasehold improvements. Businesses engaged in technology, biotechnology, tourism, manufacturing, renewable energy, government contractors, and basic commercial and industrial companies with fewer than 250 employees and $10 million or less in annual revenues can apply.
Department or Agency: Virginia Small Business Financing Authority and the Virginia Department of Small Business & Supplier Diversity
Loan or Grant title: Agricultural Disaster Microloan Program
The Agricultural Disaster Microloan Program gives loans to Virginia agricultural and forestry businesses that suffered losses due to Hurricane Helene. Loan amounts range from $5,000 to $150,000; companies can use the funds to repair facilities, replace machinery and equipment, and cover revenue gaps.
Department or Agency: Richmond Economic Development
Loan or Grant title: Citywide Revolving Loan Program
The Citywide Revolving Loan Program gives eligible businesses loans up to $250,000 to stimulate the local economy and create new jobs for Richmond residents with low to moderate incomes. Companies can use the funds to acquire property, rehabilitate facilities, or undergo construction, cover working capital, purchase machinery and equipment, and make leasehold improvements.
Department or Agency: Richmond Economic Development
Loan or Grant title: Contractors Assistance Loan Program
This loan program helps small contractors in Richmond who don’t have access to traditional financing methods. Eligible contractors can get up to $100,000 in loan funds to use on working capital, inventory, equipment purchases, and the like.
Department or Agency: Richmond Economic Development
Loan or Grant title: Economic Development Revolving Loan Fund Program
This program gives loans to local Richmond developers and small businesses taking on projects that improve economic opportunities for low- and moderate-income individuals in the area. Eligible businesses can get loans of up to $500,000 to acquire property, rehabilitate facilities, or undergo construction, cover working capital, purchase machinery and equipment, and make leasehold improvements.
Department or Agency: The Economic Development Authority of the City of Newport News
Loan or Grant title: E-Commerce Grant Program
The City of Newport News offers small grants to eligible e-commerce businesses, with a special focus on women-owned and minority-owned e-commerce businesses. Most businesses can get up to $2,500 in grant money; women and minority-owned businesses can get up to $4,500.
Department or Agency: The Economic Development Authority of the City of Newport News
Loan or Grant title: Facade Improvement Grant Program
The Facade Improvement Grant Program helps commercial businesses in Newport News invest in exterior improvements for their properties. The program provides matching grant funds up to $20,000, which businesses can use on awning installation, exterior lighting, hardscape improvements, and more.
Department or Agency: The Economic Development Authority of the City of Newport News
Loan or Grant title: Newport News Capital Loan Fund Program
The Newport News Capital Loan Fund Program gives businesses loans of up to $250,000 to invest in fixed assets like land and real estate. Companies must create new jobs in the area to be eligible for funding—one new job for every $30,000 borrowed.
Department or Agency: The Economic Development Authority of the City of Newport News
Loan or Grant title: Newport News Micro Loan Program
The Newport News Micro Loan Program gives loans to small businesses and startups in Newport News that wouldn’t qualify for traditional financing. Eligible operations can get between $2,000 and $25,000 in funding for working capital, minor leasehold improvements, equipment, and furniture purchases.
Department or Agency: The Economic Development Authority of the City of Newport News
Loan or Grant title: Newport News Urban Development Action Grant Loan Program
The Newport News Urban Development Action Grant Loan Program gives fixed asset loans to businesses that commit to creating new jobs and revitalizing the city’s economy. The maximum loan amount is $250,000. Companies must create one new job for every $30,000 borrowed, and must secure private sector funding to match the loan amount by a 2:1 ratio.
Department or Agency: The Economic Development Authority of the City of Newport News
Loan or Grant title: Peninsula Revolving Loan Fund Program
The Peninsula Revolving Loan Fund Program gives loans of up to $150,000 to businesses that could otherwise not obtain funding. Companies can use the funds for real estate (in some cases) and machinery and equipment purchases.
Department or Agency: The Economic Development Authority of the City of Newport News
Loan or Grant title: Newport News Southeast Community Commercial Rent Reimbursement Grant Program
The Newport News Southeast Community Commercial Rent Reimbursement Grant Program helps new businesses leasing qualifying commercial units in the Southeast community of Newport News. Eligible businesses can get up to $7,500 to reimburse up to three months of rent.
Department or Agency: Hampton Economic Development
Loan or Grant title: Economic Development Grants
The City of Hampton offers Economic Development Grants to local businesses that invest in expansion and job creation. Grant amounts vary depending on the capital a business invests, how many new, full-time jobs they create, and what they pay the new employees.
Department or Agency: Hampton Economic Development
Loan or Grant title: Facade Improvement Grant
The City of Hampton’s Facade Improvement Grant is available to local businesses that need capital to improve their building’s signage and exterior. Eligible businesses can get a matching grant of up to 30% of their qualified improvement costs, up to $15,000 total. To qualify, businesses must be in a commercial, industrial, or mixed-use building that’s at least 10 years old.
Department or Agency: Hampton Economic Development
Loan or Grant title: Hampton Manufacturing and Innovation Assistance Grants
Hampton Manufacturing and Innovation Assistance Grants support Hampton manufacturers with 90 or fewer employees that are primarily engaged in manufacturing, prototyping, design and/or development of commodities. Businesses can get 2:1 matching funds—up to $10,000—to use on employee training and operational improvements.
Department or Agency: Hampton Economic Development
Loan or Grant title: NASA Technology Commercialization Grants
Hampton’s NASA Technology Commercialization Grants are available to a few types of businesses: 1) businesses developing NASA technology, 2) businesses pursuing a Space Act Agreement with any NASA facility, and 3) current and former NASA employees developing tech-focused companies. Eligible businesses can get between $1,000 and $50,000 in grant money, which they have to match on a 1:1 basis.
Department or Agency: Hampton Economic Development
Loan or Grant title: Retail Assistance Grants
The Retail Assistance Grant program provides matching grants to retail businesses in Hampton that need capital for growth and improvements. Businesses that spend at least $3,000 on a business growth project can qualify for a matching grant of up to 30% of their eligible expenses.
Department or Agency: Hampton Economic Development
Loan or Grant title: Hampton Enterprise Zone Program – Capital Investment Grant
The City of Hampton offers a Capital Investment Grant—up to $50,000—to businesses that increase their employee headcount and make capital investments in designated Enterprise Zones. To qualify, companies need to create at least 25 net new, full-time jobs, pay twice the federal minimum wage, and invest $500,000 in an Enterprise Zone growth project.
Department or Agency: Hampton Economic Development
Loan or Grant title: Peninsula Revolving Loan Fund
The City of Hampton offers loans from $20,000 to $150,000 to businesses located on the Virginia Peninsula. They can use the funds to finance new fixed assets, start a construction or rehabilitation project, purchase inventory or equipment, cover working capital, or offset relocation expenses.
Department or Agency: Roanoke Economic Development
Loan or Grant title: Business Equipment Incentive Program
This program helps local businesses purchase new equipment necessary to expand their businesses. Companies can get up to $20,000 in 1:1 matching grant funds. To qualify, companies must be registered to operate in Roanoke and employ at least two full-time employees.
Department or Agency: Roanoke Economic Development
Loan or Grant title: City of Roanoke Enterprise Zone Incentives
Roanoke offers businesses a handful of financial incentives in the city’s designated Enterprise Zones. Eligible companies can apply for facade improvement, water, fire, sewer hookup, fire suppression retrofit, and business security grants.
Department or Agency: City of Suffolk Economic Development
Loan or Grant title: Suffolk Economic Development Authority Small Business Improvement Grant
The City of Suffolk offers a Small Business Improvement Grant to local retail and restaurant operations to help them fund building improvements. Businesses can get grants equal to up to 50% of their project costs, not to exceed $10,000. Companies must commit to creating at least one new, full-time job to qualify.
