Virginia Investment Performance Grant (VIP)
Virginia Investment Performance Grant (VIP) supports Virginia manufacturers and manufacturing-related research and development services with capital investments that expand capacity, modernize facilities, or improve productivity.
Funder: Virginia Economic Development Partnership
Due Dates: No application deadline stated
Funding Amounts: Up to $5 million per grant, paid in five equal annual installments
Summary: Supports capital investment by existing Virginia manufacturers and manufacturing-related research and development services.
Key Information: Projects require at least $25 million in qualifying capital investment and active competition with another state or country.
Description
The Virginia Investment Performance Grant (VIP) encourages existing Virginia companies to invest in added capacity, modernization, productivity, or advanced technology. Administered by the Virginia Economic Development Partnership (VEDP), it targets manufacturers and research and development services that support manufacturing. Projects must be in active, realistic competition with a location in another state or country.
VIP is a discretionary, post-performance incentive: funds are released only after agreed targets are met and verified. Award decisions consider VEDP’s return-on-investment analysis, investment, jobs and wages, overall employment, local financial support, company growth potential, and regional unemployment, poverty, and fiscal stress.
