Virginia Economic Development Incentive Grant (VEDIG)
Virginia Economic Development Incentive Grant (VEDIG) supports companies bringing major headquarters, administrative, or service-sector operations to Virginia to spur investment and create jobs.
Funder: Virginia Economic Development Partnership
Due Dates: No application deadline stated
Funding Amounts: Negotiated cash grants; paid in no fewer than five annual installments
Summary: Supports major headquarters, administrative, and service-sector projects that invest and create jobs in Virginia.
Key Information: Virginia must be in active, realistic competition with another state or country for the project.
Description
The Virginia Economic Development Partnership (VEDP) administers VEDIG as a discretionary incentive for companies locating significant headquarters, administrative, or service-sector operations in Virginia. It is intended to help secure capital investment and new employment when a company is considering Virginia alongside another state or country. Grants are negotiated, and recipients face no restrictions on how they spend the proceeds.
VEDP assesses projects through a return-on-investment analysis and risk review. Award considerations include new jobs, wages, overall employment, capital investment, company growth potential, the locality’s interest, and regional unemployment, poverty, and fiscal stress. The proposed award requires state review and the Governor’s final approval.
