Agencies | Governor

Grants and Tax Credits

Virginia offers many generous grants and tax credits to support both venture capitalists and UAS start-ups. We make sure that your company has everything it needs to flourish. Here is a small sample of the many funds offered by the state and non-profit organizations.

For a more comprehensive list of business incentives, visit www.YesVirginia.org/

If you'd like to talk to someone about getting your UAS company started, contact:

Virginia Economic Development Partnership at (804)545-5600 or by email by clicking here.

 

ENTERPRISE ZONE JOB CREATION GRANTS


Enterprise Zone Job Creation Grants are given to companies that locate in designated enterprise zones (administered by the Virginia Department of Housing and Community Development). Companies that fulfill the aforementioned requirements and pay at least $14.50/hour for each new position qualify for grants of up to $800 per position for up to 5 years.

After creating 4 or more jobs (and passing certain health benefit standards and paying at least $12.69/hour to each new position), the business is eligible to receive a grant of as much as $500 per position for up to 5 years.* For areas designated as high unemployment by DHCD, businesses need only to pass a $10.86/hour wage threshold.

Map of Virginia showing Enterprize ZonesClick image to expand
Graph showing businesses that show how high-paying companies recieve more grant money.
Click Image to Expand

*Grants are determined by how many months have been worked in a year. The grant will be awarded for up to 350 positions created.

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TECHNOLOGY ZONE INCENTIVES


Qualified tech companies that establish themselves in certain technology zones may receive incentives such as local permit and user fee waivers, local tax incentives, special zoning treatment, and exemptions from ordinances.
Map of Virginia showing the Technology Zones
Click Image to Expand

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COMMONWEALTH'S OPPORTUNITY FUND


If a company is looking for a state in which to establish and Virginia is one of the states being considered, the company may qualify for the Commonwealth's Opportunity Fund. This "deal closing" fund allocates money to companies that can exhibit that they are considering Virginia and other states to locate or expand into.

The locality in which the company establishes itself will match dollar-for-dollar with the money allocated by the Governor. The company will also benefit from a public announcement with the VEDP and the Governor's Office.

This fund will pay for costs such as utility extensions, internet access, transportation costs, site acquisitions, and many more.

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CIT COMMONWEALTH RESEARCH COMMERCIALIZATION FUND


Fund offered by the Center for Innovative Technology which is funded by money allocated to the Governor. CRCF invests in science- and technology-based research, development, and commercialization in small companies, colleges and universities, and non-profit research institutes in Virginia.

Six programs were available for funding FY2014:

CIT logo link
  • Commercialization- To incentivize the commercialization in Virginia of a product or service.
  • SBIR and STTR Matching Funds - For Virginia-based technology businesses that have received an SBIR or STTR Phase I or Phase II award.
  • Eminent Researcher Recruitment - To acquire enhance research superiority at Virginia public institutions.
  • Facilities Enhancement Loan - For qualifying public and private institutions of higher education and political subdivisions in Virginia to assist in financing facilities utilized for commercialization.
  • Matching Funds - To assist qualifying public and private institutions of higher education and other research institutions in Virginia in leveraging federal and private funds designed for commercialization.

There is $2.8 million appropriated for FY 2015 and FY 2016 each.

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