Financing Resources

Financing Resources

Financing Resources

Virginia Small Business Finance Authority:  The Virginia Small Business Financing Authority (VSBFA) is the Commonwealth of Virginia’s business and economic development financing arm.  

Virginia Community Capital: Partners with organizations and individuals to provide financial resources and advisory services for projects designed to have a positive impact in their community. 

Agriculture & Forestry Industries Development Grant:   The Governor’s Agriculture and Forestry Industries Development (AFID) Fund is a discretionary, performance-based economic development incentive specifically for agriculture and forestry value-added or processing projects.  

 

State Tax Incentives

  • Barge and Rail Usage Tax Credit: Virginia offers to international trade facilities that transport containers by barge or rail, rather than by trucks or other motor vehicles on Virginia’s highways. 
  • Port Volume Increase Tax Credit: A company that increases its usage by 5% in a single calendar year over its base year of port cargo volume can claim a credit against its corporate income tax of up to $250,000. Benefits manufacturing, distribution, agriculture, and mineral and gas companies that utilize Virginia’s port facilities.
  • Commercial and Industrial Sales & Use Tax Exemption: Virginia offers sales and use tax exemptions for eligible equipment used directly in manufacturing and research and development operations.
  • Data Center Retail Sales & Use Tax Exemption: Virginia offers an exemption from retail sales and use tax for qualifying computer equipment purchased by data centers that meet statutory investment and employment requirements. 
  • Green Job Creation Tax Credit: For taxable years beginning before January 1, 2021, the Green Job Creation Tax Credit allows a credit against the Virginia individual or corporate income tax for each new green job created within the Commonwealth by the taxpayer. 
  • International Trade Facility Tax Credit: The International Trade Facility Tax Credit benefits companies that increase port volume by 5% through Virginia ports and either create jobs or make capital investment in an international trade facility.
  • Major Business Facility Job Tax Credit: Qualified companies locating or expanding in Virginia are eligible to receive a $1,000 income tax credit for each new full-time job created over a threshold number of jobs beginning in the first taxable year following the taxable year in which the major business facility commenced or expanded its operations. 
  • Major R&D Expenses Tax Credit: Effective for taxable years beginning on or after January 1, 2016, Virginia allows an individual and corporate income tax credit for incurring more than $5 million of Virginia qualified research and development expenses during a taxable year.
  • Recyclable Materials Processing Equipment Tax Credit: An income tax credit is available to manufacturers for the purchase of certified machinery and equipment used for processing recyclable materials in taxable years beginning before January 1, 2020. 
  • Refundable R&D Expenses Tax Credit: Effective for taxable years beginning on or after January 1, 2011, but before January 1, 2022, Virginia allows a refundable individual and corporate income tax credit for incurring Virginia qualified research and development expenses during a taxable year. 
  • Worker Retraining Tax Credit: The Worker Retraining Tax Credit may be claimed by employers who provide qualifying retraining for their employees through noncredit classes approved by the Virginia Economic Development Partnership.

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