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.
Download: “Virginia Guide to Business Incentives”
Virginia Economic Development Partnership (VEDP)
Commonwealth’s Development Opportunity Fund
The Commonwealth’s Opportunity Fund (COF), formerly known as the Governor’s Opportunity Fund (GOF), is a discretionary incentive available to the Governor 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.
Virginia Tobacco Commission
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.
Virginia Jobs Investment Program
The Virginia Economic Development Partnership’s Virginia Jobs Investment Program (VJIP) provides services and funding to companies creating new jobs or experiencing technological change. As a business development incentive supporting economic development since 1965, VJIP reduces the human resource development costs of new and expanding companies. With strong support from the Governor and General Assembly, VJIP is completely state-funded, demonstrating Virginia’s commitment to enhancing job opportunities for its citizens.
Virginia Small Business Financing Authority
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 Southwest 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 Southwest Virginia’s e-Region in the Lonesome Pine Regional Business & Technology Park in Wise and the Russell Regional Business Technology Park in Lebanon.
Next meeting of the VCEDA Board is scheduled for 3 p.m. August 15, 2019 at the VCEDA Office, 527 East Main Street, Lebanon, Va.
Committee Meetings: Executive - Noon; Business Development - 1 p.m.; Finance - 1:30 p.m.; Project Review - 2 p.m.; Full Board - 3 p.m.
Southwest Virginia's e-Region is marketed by the Virginia Coalfield Economic Development Authority - VCEDA - a regional economic development organization created by Virginia's General Assembly in 1988 to enhance and diversify the economic base of the seven-county, one-city, coal-producing region in southwestern Virginia. Since its creation, VCEDA has helped create more than 20,000 jobs.