Incentives

Virginia Beach makes it easier to build, grow, and innovate with targeted local incentives.

• No local tax on inventory, machinery, or tools for manufacturers.
• Economic Development Investment Program (EDIP): cash grants for job creation and capital investment projects.
• Attainable Workforce Housing Performance Grant: provides an incentive for the development of safe, affordable multifamily rental housing continuously throughout the year.
• Façade Improvement Grants (FIG): Up to $10K for visible exterior upgrades to small businesses.
• Data Center Tax Reduction: $0.40 per $100 assessed value for qualifying data center equipment.
• Business License Incentive Program: $50 license fee for qualifying new businesses during their first two years.
• Business License Tax Rate for Maritime Shipping Companies: 0.36% of gross receipts during the preceding year (up to $500,000).
• Industrial Revenue Bonds: tax-exempt financing for industrial and commercial facility construction.
• Fast-Track Permitting: staff assists with the permitting and development process.
• Energy-Efficient Buildings Tax Reduction: lower tax rate for certified green buildings.
• YesOceana: zoning and financial support for businesses near Naval Air Station Ocean.
• Sport Tourism Grant Program: available for athletic events consisting of competitions, exhibitions, tournaments, and other sports-related events taking place in Virginia Beach.
• Public-Private Partnerships: support for dual-sector ventures delivering a public service or facility.

Virginia Beach C-PACE Program

The Virginia Beach C-PACE program provides low-cost, long-term financing for energy-efficient upgrades to commercial and industrial properties—helping your business cut operating costs, boost property value, and contribute to a more sustainable community. Financing is repaid as a special assessment on your property tax bill—no upfront capital required.

• 100% financing on hard and soft costs.
• Low annual payments with up to 30-year fixed-interest rates.
• Positive cash flow is typically within the first year.
• Tenants may share costs (if allowed by lease).
• Fully transferable: C-PACE assessment stays with the property if sold.

View a list of eligible projects , apply , or contact Abby Johnson, C-PACE program administrator at info@virginiapace.com or 757-603-3555.

Grants and credits

From tax credits to workforce training, the Commonwealth of Virginia offers a powerful suite of programs to boost business growth.

• Targeted tax credits for job creation , worker retraining , and green energy jobs.

• Commonwealth’s Opportunity Fund (COF) : Discretionary grants for projects that create jobs and capital investment.
• Virginia Jobs Investment Program (VJIP) : Customized recruitment and training assistance.
• Major Eligible Employer Grant (MEE) : Cash grants for major employers who invest in Virginia and provide a significant number of stable jobs.
• Virginia Economic Development Incentive Grant (VEDIG) : Cash grants for companies that locate their significant operations in Virginia.
• Virginia Leaders in Export Trade (VALET) : Two-year acceleration program for companies expanding into global markets.
• Telework incentives : New policies allowing remote Virginia-based jobs to qualify for performance-based state incentives.

Financing Programs

Whether you’re launching a startup or scaling up, these financing programs can help fuel your growth.

• The Business One Stop portal simplifies the process of starting or expanding a business in Virginia.
• Center for Innovative Technology provides up to $100,000 in funding for high-growth tech companies and helps identify potential investors.
• Virginia Small Business Financing Authority provides a variety of specialty loans and credit support programs to small businesses.
• Locus helps small businesses find creative ways to support growth, with added flexibility thanks to grants from community partners.

Shipping through the Port of Virginia pays off. If you import or export, the Virginia Port Authority helps you save while boosting trade.

• Port Volume Increase Tax Credit : Earn $50 per TEU when you increase your cargo volume through a Virginia port by 5% in a calendar year.
• Barge and Rail Usage Tax Credit : Move cargo by barge or rail and earn $25 per qualifying unit.
• International Trade Facility Tax Credit : $3,500 per new full-time employee or 2% of capital investment for businesses increasing port cargo by 5%.
• The Port of Virginia Economic and Infrastructure Development Grant Program : Assistance for opening or expanding maritime-related employment centers.

The programs and resources listed here are for informational purposes only. The department does not administer, endorse, or take responsibility for these grants, loans, or their application processes.