The City's Economic Development Investment Program (EDIP) is a locally funded discretionary incentive program available to assist qualifying companies with their growth needs in Virginia Beach. The Virginia Beach Development Authority (VBDA) has been administering this program on behalf of the City Council since 1994. The program may provide cash grants to eligible companies based on the average annual salary and number of new jobs created, and/or new capital investment made over 36 months or 48 months for APZ-1 awards.
EDIP Application Process
Economic Development projects are presented for incentive consideration at the VBDA monthly meetings. To ensure the project is submitted promptly, contact the applicable business development manager to discuss project eligibility and to receive guidance on the required application process and financial documentation.
Step 1
Contact Virginia Beach Economic Development
Step 2
Submit Application, Disclosure Statement, and Project Summary
Step 3
Staff Review and Recommendation (2-3 days)
Step 4
VBDA Closed Session Briefing (monthly meetings)
Step 5
VBDA Public Action (monthly meetings)
Step 6
Submit Performance Documentation
Step 7
Staff Review (up to 30 days)
Step 8
Grant Disbursement
EDIP Highlights
Download the FY25 VBDA Annual Report to see the most recent EDIP awards.