Virginia is #4 on Forbes’ Best States for Business list because the Commonwealth offers state incentives that businesses need to prosper. The Office of Economic Development & Tourism is your partner and advocate and works with multiple state offices to coordinate support for businesses looking to locate or expand in the City of Lynchburg. When businesses are willing to invest in Virginia and our workers, the Commonwealth is willing to support business through targeted investments that provide immediate returns and long-term benefits for Virginia citizens. Visit the Virginia Economic Development Partnership or Request a Meeting with the Office of Economic Development & Tourism to learn more.
Virginia: An Ideal State for Business
State Incentives & Programs
Commonwealth's 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 Jobs Investment Program (VJIP)
The Virginia Jobs Investment Program (VJIP) is an incentive program offering customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce human resource development cost by providing direct funding to qualifying new and expanding companies. Learn more
Virginia Investment Partnership Grant
The Virginia Investment Partnership Grant (VIP) is a discretionary performance incentive designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development, and utilization of advanced technology.
The Virginia Economic Development Incentive Grant (VEDIG)
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia.
Corporate Income Tax Credits
Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability:
- Major Business Facility Job Tax Credit
- Recycling Equipment Tax Credit
- Day Care Facility Investment Tax Credit
- Worker Retraining Tax Credit
- Virginia Port Tax Credit Programs
- Research and Development Tax Credit
- Green Job Creation Tax Credit
Economic Development Access Program
Administered by the Virginia Department of Transportation, this program assists localities in providing adequate road access to new and expanding basic employers.
Transportation Partnership Opportunity Fund
TPOF is a discretionary grant available for transportation-related issues on unique economic development projects.
Rail Industrial Access Program
Provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects.
Industrial Revitalization Fund
The Industrial Revitalization Fund (IRF) leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties.
The program is targeted toward vacant non-residential structures that create physical and economic blight to their area due to their poor conditions. Eligible properties shall include those formerly used for manufacturing, warehousing, mining, transportation and power production, as well as large-scale white elephant structures, such as department stores, theaters, hotels and shopping centers. Structures for which the original intended use was solely residential are not eligible.
Only local governments (city, county or town),regional or local economic, or industrial development authorities may apply for the funds. However, localities may designate a redevelopment authority or other similar organization as the designated agent for implementation and administration of activities. Eligible applicants may also partner with private and nonprofit entities.
Contact Marjette Upshur at marjette.upshur@lynchburgva.gov for more information.