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Monday, December 3, 2012

Virginia Incentive and Assistance Programs for Startups and Business Expansion

By Dan Gonzalez (Washington DC Metro)

To support a pro-business environment, Virginia offers many incentives to startups and to assist in business growth. These incentives include financial assistance, facilities development grants, tax credits, and exemptions.
In particular, The Virginia Jobs Investment Program (VJIP) is one of Virginia's most actively used and popular economic development incentives. The program encourages the expansion of existing businesses and startups in finding and developing skilled workforces.  It also helps offset recruiting and training costs incurred by companies that are either creating new jobs or implementing technological upgrades. 

In addition, Virginia law currently provides a 100 percent capital gains tax exclusion for founders of, and investors in, high technology start-up companies located in Virginia.
According the the Virginia Economic Development Partnership (http://www.YesVirginia.org), the following are state programs offering incentives and assistance to startups and expanding firms: 

Virginia Investment Partnership Act

The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.

Virginia Small Business Financing Authority (VSBFA)

VSBFA offers programs to provide businesses with access to capital needed for growth and expansion.
 
Enterprise Zones

Virginia's Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia's enterprise zones, which are located throughout the state.

Technology Zones

Virginia authorizes its communities to establish technology zones to encourage growth in targeted industries. Presently, 27 cities and counties and 3 towns have created zones throughout the state.

Center for Innovative Technology
CIT helps grow Virginia’s technology industry. Its CIT Entrepreneur program provides up to $100,000 in funding for promising high-growth technology companies and helps owners identify potential equity investors.”

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