Business Resources
Incentives are a tool available in select cases to meet a project’s demonstrated needs or otherwise overcome specific barriers. They are discussed as part of a project’s entire financial picture and often are sourced from a variety of state, local, and regional partners in Wythe County, Wytheville, and Rural Retreat.
Some incentives are based on a geographic location, some are based on capital investment and job creation, and others are based on tax revenue and return on investment. Some incentives bring needed infrastructure to support a facility’s needs and others offer resources to support workforce efforts to assure a the availability of trained workers.
Not every project is eligible for incentives but projects that are competitive with other states that bring significant, taxable capital investment and create a number of jobs paying competitive wages are more likely to be eligible than those that do not.
There is no universal formula used for incentives, but our office will work with you to to articulate the needs of your project and what assistance might be available. demonstrated needs are met. These solutions can include incentives but may also include technical assistance or other support. Whether or not your project is eligible for cash incentives, we will work with you to marshal any resources that are appropriate and available.
Due diligence is always part of the process and we will work with you to get the required information that is needed to carry out that work.
These programs usually require performance agreements that govern the relationship between the granting body and the business and define the parties’ expectations. If agreed-upon performance measures go unmet, the agreement will describe how repayment is to be carried out.
The Commonwealth Development Opportunity Fund (COF) is a “deal-closing” fund to be employed at the Governor’s discretion to secure a company location or expansion in Virginia. Administered by the Virginia Economic Development Partnership (VEDP), the COF serves as a final resource for Virginia in the face of serious competition from other states or countries.
The Wythe Opportunity Fund is a discretionary grant available to certain highly competitive projects considering a location in Wythe County. Considerations for eligibility include taxable capital investment, job creation, and wages paid. Administered by the Joint IDA of Wythe County with funding from the Wythe County Board of Supervisors and other local partners as appropriate.
The Governor’s Agriculture and Forestry Industries Development Fund (AFID) is designed to help communities grow their agriculture and forestry industries by supporting businesses that add value to Virginia-grown agricultural and forestal products. AFID grants are made to the locality at the discretion of the Governor for new or expanding facilities for value-added agricultural products for which the funding is critical.
Wythe County and the Commonwealth of Virginia offer a series of high-value state and local incentives businesses new to or expanding in a recognized Enterprise Zone. Those include but are not limited to:
The purpose of the TROF program is to help make localities in the Tobacco Region more attractive to potential new or expanding businesses by providing monetary grants and loans to localities to support those projects. Projects are evaluated based on job creation, workforce participation rate, community affluence, prevailing community wage, and newly-created taxable assets.
The Commission looks more favorably upon businesses in traded sectors that bring new capital investment in to the region and precludes assistance for retail, foodservice, and service-based businesses as well as non-competitive projects.
Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability:
Provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects.
The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.
Administered by the Virginia Department of Transportation, this program assists localities in providing adequate road access to new and expanding basic employers.
TPOF is a discretionary grant available for transportation-related issues related to unique economic development projects.
Virginia Job Investment Program (VJIP) is a discretionary program that provides funding to companies creating new jobs or experiencing technological change to reduce the human resource development costs for new companies, expanding companies, and companies retraining their employees.
Funding for each net new full-time job created or full-time employee retrained is based on a customized budget determined by an assessment of the company’s recruiting and training activities, as well as the project’s expected benefit to the Commonwealth, and is subject to approval by the Secretary of Commerce and Trade.
The Virginia Talent Accelerator Program, delivered by VEDP in partnership with the Virginia Community College System, provides world-class training and recruitment solutions that are fully customized to a company’s unique operations, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
Other assistance may be available. Please let us know what your needs are and we will help determine eligibility for other types of support.
This is a sampling of the resources that can be brought to bear on a project. Other variables such as use of the Port of Virginia among other things can create other opportunities. All incentives are decided on a case-by-case basis and certain due diligence will be undertaken. Not all projects are eligible to receive incentive support.
We send an occasional newsletter with information about the growing economy and opportunities for continued growth in Wythe County, Wytheville, and Rural Retreat, Virginia.
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