Business incentives are available to qualifying BioScience companies that locate in the Richmond Region. Below is a sample list:

Program Name Program Description
Small Business Innovation Grants $2 Million for matching grants for winners of Phase 1 Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards from the National Institutes of Health. Maximum grant is $50,000.
Commonwealth Research and Commercialization Fund $2.8 Million in new funding for Commonwealth Research and Commercialization Fund (CRCF) to provide grants to technology firms, loans to construct wet-labs and support for the SBIR matching program.
Virginia Angel Investor Tax Credit Designed for individuals or corporations making investments in businesses in technology fields. Credit is equal to 50% of qualified investment, up to $50,000.
Seed-Stage Equity Investment: Center for Innovative Technology (CIT) “Gap” Fund $2.8 Million in new funding for Center for Innovative Technology (CIT) “Gap” Fund that makes seed-stage equity investments in Virginia-based technology and life science firms.
Center for Innovative Technology CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers.
Research and Development Expenses Tax Credit Tax credit equal to 15% of the first $167,000 in Virginia qualified research and development expenses incurred during the taxable year or a tax credit equal to 20 percent of the first $175,000 in Virginia qualified research and development expenses if the qualified research was conducted in conjunction with a Virginia college or university.  If the amount of the credit allowed exceeds the taxpayer’s tax liability, the amount that exceeds the tax liability shall be refunded to the taxpayer.
Economic Development Loan Fund Funds are provided for fixed asset financing to new and expanding industries that are creating new jobs or saving “at risk” jobs in Virginia.
Enterprise Zone Program The program assists business development and expansion in specially targeted, economically distressed areas.
Foreign Trade Zone Foreign trade zones (FTZs) allow businesses to defer paying U.S. Customs duties on imported goods held within the zones until the goods enter the United States for domestic consumption. No duties are paid if goods are re-exported. Companies also receive the benefit of not having to pay duties on broken or wasted product.
Commonwealth’s Development Opportunity Fund Designed as a discretionary financial incentive to create new jobs. Grants can be used for site acquisition and development; transportation access; public or private utility extension or capacity development; construction or build-out of publicly or privately owned buildings or training.
Loan Guaranty Program Designed to assist Virginia’s small businesses in obtaining the capital they need to improve and expand their operations and thereby create new job opportunities within the Commonwealth.
Major Business Facility Job Tax Credit Qualified companies locating or expanding in Virginia receive a $1,000 corporate income tax credit for each new full-time job created over a threshold number of jobs.
Major Eligible Employer Grant Discretionary performance incentives designed for Virginia major basic employers (manufacturing and nonmanufacturing) that make a capitalized investment of at least $100 million and create at least 1,000 new jobs (a minimum of 400 jobs, if average pay is at least twice the area’s prevailing average wage).
Virginia Capital Access Program The Virginia Small Business Financing Authority’s (VSBFA) Virginia Capital Access Program (VCAP) provides access to capital for Virginia businesses by encouraging banks in Virginia to make loans that they would otherwise not make due to a borrower’s risk profile.
Virginia Economic Development Incentive Grant Assists and encourages companies to invest and to provide new employment opportunities by locating significant headquarters, administrative, research and development and/or similar service and basic sector operations in Virginia.
Virginia Investment Partnership Grant Fund Discretionary performance incentives designed for Virginia manufacturers or research and development services supporting manufacturing, that make a capitalized investment of at least $25 million while at least maintaining stable employment levels.
Virginia Jobs Investment Program The Virginia Jobs Investment Program (VJIP) is an economic development incentive supporting the creation of new jobs and investment throughout the Commonwealth and specifically addresses the top concern of existing businesses as well as economic development prospects, i.e. finding and developing a skilled workforce.
Worker Retraining Tax Credit Virginia employers will be eligible to receive an income tax credit equal to 30 percent of all expenditures made by the employer for eligible worker retraining.
Workforce Services Program Workforce Services, a division of the Virginia Department of Business Assistance, provides customized recruiting and training services to companies creating new jobs or experiencing technological change.
Workforce Investment Act The Workforce Investment Act (WIA) provides federal funding for employment and training activities to enhance productivity and competitiveness.  In Virginia WIA is administered at the state level by the Virginia Community College System.