Other Incentive Programs
In addition to financing programs operated by the Virginia Coalfield Economic Development Authority, there are a number of other incentive and financing programs available to the region.
The Governor's Opportunity Fund (GOF) is a discretionary incentive available to the Governor of Virginia to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
The Commission achieves its statutory charge through its indemnification program and grant programs that are intended to accomplish the economic revitalization and diversification of Virginia’s tobacco-growing region
The Virginia Jobs Investment Program (VJIP) is one of Virginia's most actively used economic development incentives. The program encourages the expansion of existing Virginia businesses and start-up of new business operations in Virginia. It specifically addresses the top concerns of existing businesses and economic development prospects – finding and developing a skilled workforce
The Virginia Small Business Finance Authority (VSBFA) is the Commonwealth of Virginia's small business financing arm. It helps Virginia's existing businesses and those businesses that are seeking to come to Virginia through an extensive portfolio of financing programs.
Virginia's Enterprise Zone program provides state and local incentives to qualifying businesses that invest and create jobs within these designated zones. Enterprise zones in Virginia's e-Region are in Dickenson, Lee, Scott, Tazewell and Wise counties. Local enterprise zone incentives for qualifying companies vary by locality.
Virginia authorizes its communities to establish technology zones to encourage growth in targeted industries. Two of the state's 21 technology zones are located in Virginia's e-Region in the Lonesome Pine Regional Business & Technology Park in Wise and the Russell Regional Business Technology Park in Lebanon.
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