Who can apply for Tobacco Region Revitalization Commission funds?
Per the Virginia Constitution, the Commission’s public funds may only be granted or loaned to governmental entities (e.g., local governments) or IRS-designated nonprofits. Funds will not be awarded directly to for-profit or unincorporated entities.
Can funds be requested that will benefit a for-profit?
Requests that will ultimately benefit a for-profit entity must be submitted by an eligible applicant and must commit to achieving measurable public benefits such as new job creation and taxable private capital investment.
Are matching funds required?
Only if disbursement is requested upfront. If in arrears, then TROF does not require this (though other programs do).
How long are grant or loan estimates and award approvals effective?
Prior to the submittal of a TROF grant or loan application, an applicant may request an incentive estimate for a grant, loan, or both, from the Commission which is effective for 60 days. Application approvals of a grant, loan, or both shall be effective for 90 days from the date of the approval letter, after which new approvals are required.
What is the process once funds are approved?
Once all agreements are signed and returned to the Commission's office with a signed Virginia W-9 by the locality, the locality can request disbursement via email or letter. The Commission will begin monitoring the Company's performance and requires repayment of full or pro-rated grant amount if performance agreement is not met.
How long does a company have to complete the project?
Commission funds are typically granted for a period of up to three years, and loans for periods up to 20 years. Extensions beyond three years are possible for grants that have faced unforeseen delays but demonstrate substantial progress, subject to necessary approval by the Commission.