Business incentives are available to qualifying companies in the Corporate Services industry cluster.

Program Name Program Description
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.
Commonwealth Research and Commercialization Fund $4 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.
Seed-Stage Equity Investment: Center for Innovative Technology (CIT) “Gap” Fund $2.8 Million in new funding for CIT’s “Gap” Fund that makes seed-stage equity investments in Virginia-based technology and life science firms
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.
Commonwealth’s Development Opportunity Fund Designed as a “deal closing” fund to be employed at the Governor’s discretion when necessary to secure a company location or expansion in Virginia.
International Trade Development The Virginia Economic Development Partnership’s (VEDP) Division of International Trade helps Virginia companies sell their manufactured goods and services abroad through the Accessing International Markets (AIM) and the Virginia Leaders in Export Trade (VALET) programs.
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).
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.
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 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 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.
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.