The upcoming VBDA meeting will be held on Tuesday, June 9, 2026, at 8:30 a.m. in the boardroom of the Virginia Beach Economic Development office located at 4525 Main Street, Suite 700.
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
How to Apply
Whether expanding, relocating, or investing in new facilities, eligible businesses may benefit from opportunities that help drive growth and long-term success in the community.
Reach out to our staff to learn more about the incentive program - what's eligible, what's not, and how to apply.
Contact UsAcoustical Sheetmetal Third Expansion
In June 2025, Virginia Beach celebrated the expansion announcement of Acoustical Sheetmetal Company, joined by Governor Glenn Youngkin. The $45.8 million investment will bring 350 new full-time jobs to the city and includes a new 250,000 square foot building. After this expansion, the company will be 850 strong, making it one of Virginia Beach’s top employers.
Read the latest news releases to stay informed about new business announcements, economic development initiatives, and other updates shaping the community’s growth and success.
Latest NewsRecent Awards
EDIP Highlights
Download the FY25 VBDA Annual Report to see the most recent EDIP awards.