Grants and Tax Credits
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
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.
*Grants are determined by how many months have been worked in a year. The grant will be awarded for up to 350 positions created.
TECHNOLOGY ZONE INCENTIVES
COMMONWEALTH'S OPPORTUNITY FUND
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.
CIT COMMONWEALTH RESEARCH COMMERCIALIZATION FUND
Six programs were available for funding FY2014:
- 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.